PPF vs NPS vs SSY Minimum deposit money: There is important news for the account holders of Public Provident Fund (PPF), National Pension Scheme (NPS) and Sukanya Samriddhi Yojana (SSY). To keep the account active, you must deposit the minimum balance before March 31, otherwise there may be trouble later, the account may also be closed. Actually, in these schemes run by the government, customers also get the facility of tax saving. For this, you have to maintain a minimum investment in these schemes to ensure that your account is active.
may have to pay fine
If you have not deposited any money in these accounts for the current financial year, then you should deposit the minimum required amount by March 31, 2022. Otherwise, you will have to pay a fine to get them activated again. Note that from FY 2021-22 onwards, one can opt for the old or existing tax regime and avail existing tax exemptions and deductions. Even if you opt for the new tax regime, it is important to ensure that you have deposited the minimum contribution required to keep the account active.
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Know what is the minimum balance for which plan
1. Public Provident Fund (PPF)
The minimum annual contribution for a PPF account in a financial year is Rs 500. The last date to make this contribution for the current financial year is March 31, 2022. If you fail to contribute by this date, you will have to pay a fine of Rs 50 each year along with an outstanding subscription of Rs 500 for each year. Please note that the account will be closed and withdrawals will not be allowed if the minimum amount is not met. Apart from this, no loan can also be taken.
2. National Pension Scheme (NPS)
For Tier-I NPS account holders, it is mandatory to contribute a minimum of Rs 1,000 in a financial year, as per the extant rules. Only then the account will be active. If the minimum contribution is not made in the NPS Tier-I account, the account will become inactive and then you will have to pay a penalty of Rs.100. If one also has Tier II NPS account (where lock-in of funds is not required) then the Tier-II account will be automatically closed along with the freezing of Tier-I account.
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3. Sukanya Samriddhi Account Scheme (SSY)
A minimum deposit of Rs 250 is required in a financial year to keep the Sukanya Samriddhi account active. Otherwise, a fine of Rs 50 is imposed later. A defaulted account can be regularized before the completion of 15 years from the date of opening the SSY account.