Work news: Deposit the minimum amount in these closed accounts before March 31, otherwise you will have to pay a heavy fine

Work news: Deposit the minimum amount in these closed accounts before March 31, otherwise you will have to pay a heavy fine

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new Delhi. There are only a few days left for the financial year 2021-22 to end. In such a situation, it is necessary that all the padding work related to tax and savings is done in time. There are many such schemes related to tax saving, in which a minimum amount has to be deposited every financial year. These schemes include Public Provident Fund (PPF), National Pension Scheme (NPS) and Sukanya Samriddhi Yojana (SSY) etc.

A minimum amount has to be deposited every year in these schemes. Otherwise, the accounts linked to these plans become inactive, due to which the policyholder will need to get it regularized to make further investments. You may have to spend a lot of time in getting the account regularized and you may also have to pay a fine. In such a situation, it is better that you deposit the minimum amount in these accounts before the end of the financial year.

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Public Provident Fund (PPF)
If you are not able to deposit the minimum amount in your PPF account by March 31, then you will have to pay a penalty of Rs 50. A minimum deposit of Rs 500 has to be made in the PPF account. For the number of years you do not deposit money in your account, you will have to deposit the late fee and minimum amount for that number of years. Apart from this, if you do not deposit Rs 500 in any financial year, then you account will be considered as inactive. The dormant account does not get the facility like against loan or partial withdrawal of the deposit amount, until he makes his account active again. The inactive account has to be activated before the maturity date. The account cannot be activated after the maturity date.

National Pension Scheme (NPS)
A minimum of Rs 1,000 has to be deposited every financial year in the Tier-1 account of NPS. There is no upper limit to submit it. There is no requirement of minimum deposit amount in Tier-2 accounts. If you have a Tier-1 account and have not deposited the minimum amount, your account may get frozen. After this, you will have to pay a penalty amount of Rs 100 to unfreeze the account.

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Sukanya Samriddhi Yojana (SSY)
A minimum deposit of Rs 250 is required to be made every financial year to keep the Sukanya Samriddhi account running. If the minimum account is not credited, the account is treated as the default account. The defaulted account can be regularized within 15 years from the date of account opening. However, for this, a penalty of Rs 50 will have to be deposited every year along with the minimum amount.

Tags: business news, pension scheme, Public Provident Fund

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