Public Provident Fund, National Pension System, Sukanya Samriddhi Yojana: If you have opened these accounts and failed to deposit a minimum amount in a financial year, then these accounts will become inactive, and one will have to regularize or unfreeze it before making fresh investments.
New Delhi: As the end of the financial year is approaching, many of the tax-saving schemes require a minimum deposit to keep it going and such as schemes include Public Provident Fund (PPF), National Pension System (NPS), and Sukanya Samriddhi Yojana (SSY). If you have opened these accounts and failed to deposit a minimum amount in a financial year, then these accounts will become inactive, and one will have to regularize or unfreeze it before making fresh investments. Moreover, the process of reactivating these accounts will be time-consuming and involve a penalty. To avoid such long procedure, you have to make minimum deposits before the financial year ends that is March 31. Take a look at these tax saving schemes and how much amount you need to deposit to keep these accounts going
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Public Provident Fund: The minimum annual deposit for the PPF account in a financial year is Rs 500 and the last date to make the deposit is March 31, 2022. If the customers fail to make the contribution by this date, then they will have to pay a penalty of Rs 50 for each year. Moreover, if the minimum contribution is not made in the financial year, the PPF account will be treated as discontinued.
National Pension System: For the NPS account holders, it is mandatory to make a minimum deposit of Rs 1,000 in a financial year to ensure that the account remains active. If the minimum amount is not deposited in the account, then the account will become dormant. And to revive it, you need to pay a penalty of Rs 100 every year along with minimum contributions.
Sukanya Samriddhi Yojana: The account holder must note that the minimum amount to be deposited to keep the Sukanya Samriddhi Account active is Rs 250 in a financial year. If the minimum deposit is not made in a financial year, then it will be treated as a defaulted account. However, this account can be regularised and for that, you will have to pay a minimum contribution of Rs 250, along with a penalty of Rs 50 for each defaulted year.
