new Delhi. If you have an account of Public Provident Fund (PPF), National Pension Scheme (NPS) or Sukanya Samriddhi Yojana (SSY), then this news is very important for you. If you have not deposited money in any of these accounts in this financial year, then deposit some money immediately. If you do not do this then your account will be inactive. And once the account is inactive, then a penalty will have to be paid to make it active again.
For your information, let us tell you that you can choose one of two tax regimes for income tax. One is the Old Tax Regime and the other is the New Tax Regime. In the new income tax regime, maximum tax exemption and deduction is given on the income. If you have chosen the new income tax regime, then you will have to deposit a minimum amount to keep the accounts of PPF, NPS and SSY active.
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What is the minimum amount in 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.
What happens if the minimum deposit is not made?
If you fail to deposit the minimum amount by 31st March, you will have to pay a penalty of Rs 50 for each year. You will have to pay an additional Rs 50 per year along with the minimum deposit amount of Rs 500. Meaning if you do not pay the money for two years, then in the third year you will have to pay a fine of Rs 500 + 500 for two years and Rs 50 + 50 for two years along with it.
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Your PPF account will be closed
Further, if the minimum contribution is not made in the same financial year, the PPF account will be closed. A closed PPF account will not be entitled to the facility of availing loan or making partial withdrawal till the account is revived. A closed account can be revived before the end of its original maturity date. It cannot be activated after maturity. Nor can it be closed before maturity.
Minimum amount in NPS
For Tier-I NPS account holders, as per the extant rules, it is mandatory to contribute a minimum of Rs 1,000 in a financial year to keep the account active.
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If the minimum contribution is not made to the NPS Tier-I account, the account will become inactive. You will have to pay a penalty of Rs 100 every year along with a minimum contribution to re-activate a dormant NPS account. Point of Presence (POP) charges will also be added for unfreezing the NPS account.
If one also has a Tier-II NPS account (which does not require lock-in of funds), the Tier-II account will also get frozen along with the freezing of Tier-I account. However, there is no requirement of minimum contribution in Tier II NPS account.
Sukanya Samriddhi Account Scheme
A minimum deposit of Rs 250 is required in a financial year to keep the Sukanya Samriddhi account active. If the minimum amount is not deposited in any financial year, then it will be treated as a defaulted account.
A defaulted account can be revived before completion of 15 years from the date of opening of SSY account. You will have to make a minimum contribution of Rs 250 along with a penalty of Rs 50 for each default year to activate the account.
Tags: nps, PPF account, Sukanya Samriddhi Scheme
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