Attention! If You Have PPF, NPS, SSY Account, Then Do These Things Before 31st March

Attention! If You Have PPF, NPS, SSY Account, Then Do These Things Before 31st March  The end of March also marks the end of the tax-saving season. Those who invest in instruments such as the Public Provident Fund (PPF), the National Pension System (NPS), and the Sukanya Samriddhi Yojana (SSY) should check to see if they have deposited the required minimum amount. Failure to deposit the minimum amount in a financial year will result in the deactivation of their PPF, NPS, and SSY accounts. One can, however, reopen these small savings schemes that allow saving on income tax outgo, but there will be a penalty. As a result, it is preferable to check whether the investor has deposited the minimum annual amount in his or her PPF, NPS, or SSY account.

A minimum investment of Rs 500 is required for a PPF account

To keep the Public Provident Fund (PPF) active, you must invest at least Rs 500 per year. If you do not, the account will become inactive and you will have to pay a Rs 50 fine to restart it. It is important to note that you can activate your PPF account up to 15 days before it matures. After 15 years, such accounts cannot be activated.

NPS account: An annual deposit of Rs 1,000 is required

A minimum annual investment of Rs 1,000 is also required in the National Pension System (NPS) account. This rule only applies to Tier-1 NPS accounts, whereas Tier-2 accounts can be deposited at any time, much like a savings account. If you fail to make the minimum investment, you must pay a penalty of Rs 100 to have the account activated again in the following year.

Sukanya Samriddhi Yojana: A deposit of Rs 250 is required

You must also make an annual minimum investment in this account in the name of your daughters. If you do not invest at least Rs. 250 in your Sukanya account in any financial year, your account will be deactivated. To reactivate it, an investment of Rs 250 is required, as well as a fine of Rs 50. If your account has become inactive, you must reactivate it before your daughter reaches the age of 15.

Interest will be unavailable, if you fail to make minimum investment

According to investment experts, there is a need to be extremely cautious when opening an account in such government savings schemes. If you fail to make the minimum investment in any financial year, you will not receive any interest. Even if you later activate the account by paying money and a penalty, you will not receive interest for the defaulted year. This will deal twice as much damage.