Public Provident Fund: Alert! Take Action Before March 31 or Risk Closure of Your SSY and PPF Accounts, Check Details

Public Provident Fund

Public Provident Fund: A minimum balance must be maintained in order to keep Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) accounts alive. In relation to this, a new rule has also gone into force. These accounts must have a minimum balance maintained through March 31, 2024. His account can go inactive if he doesn’t keep up his balance. A penalty must be paid by the account holder in order to revive an inactive account. Let us tell you the minimum amount that needs to be kept in the account.

Minimum Deposit Requirement

The least amount that a PPF account holder must deposit is Rs 500. This implies that in a fiscal year, a minimum investment of Rs 500 will need to be made. The account could be closed if there is not enough money in it. March 31, 2024, is the deadline for keeping a minimum amount in a PPF account. To reactivate the account, a penalty of Rs 500 must be paid if the required amount is not deposited before March 31.

The fine is payable annually at the rate of Rs 50. To put it another way, in order to reactivate the account, you would need to pay the investment amount plus a fine of Rs 100 if it has been inactive for two years. The account holder won’t receive many other benefits if the account is inactive because there isn’t a minimum balance. On an inactive account, there will be no loan availability and no withdrawals allowed.

Minimum Investment Requirement

Sukanya Samriddhi Yojana requires a minimum balance of Rs 250. This implies that a person must invest Rs. 250 in the account each financial year in order to keep it operational. The account will become inactive if you choose not to participate in this scheme. The account holder would be required to pay an annual penalty of Rs 50 in order to reactivate the account. Let us inform you that the government offers interest at an 8.2 percent rate under the Sukanya Samriddhi Yojana.

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