PPF and Sukanya Samriddhi Yojana account holders will have to deposit the minimum amount by 31 March 2025. If you do not do this, your account may be closed.
New Delhi: If you have a Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) account and you have not deposited money in this financial year, then your account may be closed. To keep the account active, quickly deposit some money in it by 31 March 2025. If money is not deposited in PPF and SSY, these accounts may become inactive i.e. closed. If you do not deposit any amount, then you will have to pay a penalty to get it activated again. In this article, we are telling you how much minimum amount you have to deposit in the account.
Public Provident Fund (PPF)
The minimum deposit for those holding a PPF account is Rs 500. In this, you have to invest at least Rs 500 in a financial year. If you do not do this, your account may be closed. Let us tell you that the last date to put money in it is 31 March 2025, before that you should put the minimum balance in it. If you do not put money by the last date, then you will have to pay a penalty of Rs 50 per year. For information, let us tell you that currently 7.1% interest is being given on PPF account.
If you do not deposit the minimum deposit in any financial year, then the PPF account will be closed. Apart from this, you will not get a loan on this account nor will you be able to withdraw money from this account. Along with this, if you do not put money by the last date, then later you will have to pay a penalty of Rs 50 per year to start the account.
Sukanya Samriddhi Scheme
If you have an account in Sukanya Samriddhi Yojana, you have to deposit a minimum of Rs 250 every year. If you are unable to deposit this amount, you will have to pay a fine of Rs 50. Let us tell you that currently 8.2% interest is being given on Sukanya Samriddhi Yojana account.
If the minimum deposit is not made in Sukanya account, the account will be considered a default account. If you do not deposit money by the last date, then you will have to pay a fine of Rs 50 every year to start the account later.
Benefits of both schemes
Let us tell you that by investing in both these schemes, you get the benefit of tax exemption under section 80C of the Income Tax Act. Under this, you can get tax exemption on annual investment of up to Rs 1.5 lakh. This means that you can reduce up to Rs 1.5 lakh from your total income through section 80C.
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