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Savings is a means by which you secure your future. In our country India, many such schemes have been started by the government so that you get good returns on investment. There are many such government schemes in the country in which we invest to save tax. Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and National Pension System (NPS) are schemes that require a minimum deposit amount every financial year. These accounts may become inactive if the minimum amount is not deposited. If you do not deposit the required minimum amount in PPF, Sukanya Samriddhi Yojana and National Pension System (NPS) every financial year, you may also have to pay a penalty.
Let us tell you that the last date of the current financial year is coming soon. If you too have not deposited the minimum amount in these schemes by March 31, 2024, then deposit it soon. Let us tell you that schemes like PPF, SSY and NPS help in saving tax. If you pay tax under the old tax system then these schemes are very useful. Today we are telling you what is the minimum amount to be deposited every year in these schemes so that the account remains active and you do not have to pay penalty.
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is another such scheme in which investment helps in saving tax. Let us tell you that this scheme has been specially designed according to the future needs of girls i.e. daughters. In this scheme, the account holder has to deposit at least Rs 250 every financial year.
If you do not deposit at least Rs 250 in your SSY account in a financial year, the account will default. However, one special thing about this scheme is that this account can be reactivated anytime before maturity. A default fee of Rs 50 for every defaulted year will have to be paid to reactivate the account. Additionally, they have to charge a minimum of Rs 250 for each default year.
If the defaulted SSY account is not revived, the money in the account will have to be paid on maturity. Sukanya Samriddhi Yojana account matures after 21 years from the date of opening. After the daughter turns 18, the entire money can be withdrawn from this account at the time of marriage.
Public Provident Fund (PPF)
According to PPF (Public Provident Fund) rules, it is necessary to deposit at least Rs 500 in the Public Provident Fund every financial year. If you do not deposit even this minimum amount into the account, your account will become inactive.
For information, let us tell you that in case the account is inactive, you cannot avail benefits like loan and withdrawal. Let us tell you that generally these facilities start being available from the third and sixth year of account opening.
Let us tell you that to reactivate a PPF account which has become inactive before maturity, the account holder has to pay a fee of Rs 50 for every default year. Apart from this, they will also have to deposit at least Rs 500 every year in the PPF account. This means that the account holder will have to pay Rs 550 for every default year to reactivate the PPF account.
Public Provident Fund (PPF) matures after 16 years from the date of account opening. But in some circumstances money can be withdrawn prematurely. If the PPF account is closed, the funds can be withdrawn only on maturity. And on maturity it cannot be extended in a block of five years.
National Pension System (NPS)
Many people invest in the National Pension System for tax benefits. Under Section 80CCD(1B) of the Income Tax Act, tax exemption can be availed on investments up to Rs 50,000. Let us tell you that this exemption is in addition to the exemption of Rs 1.5 lakh available under Section 80C of the Income Tax Act. Under the rules of NPS, any account holder is required to deposit a minimum of Rs 1000 in his account every financial year.
You might hardly know that if there is no minimum deposit in the National Pension System (NPS) account, this account gets frozen. However, even if the account is frozen, no penalty fee is charged from the NPS Trust. But in some cases a fine also has to be paid.