Complete Essential Tasks by March 31, or Accounts Will Be Closed!

New Delhi: With just a few days left for the financial year to end, many rules will change. The last month of any financial year is considered crucial, as many things need to be completed. Did you know that March 31st will be a crucial date for those involved in tax-saving schemes?

Account holders of the Public Provident Fund, National Pension Fund, and Sukanya Samriddhi Yojana need to ensure they deposit the minimum balance in their accounts. Failure to do so for any reason could result in their accounts being deactivated or closed.

Learn the full details.

Did you know that you must meet certain requirements in March, or you may face difficulties? A minimum deposit of Rs. 500 is required every year in a PPF account. If the account holder fails to deposit this minimum amount, their account becomes completely closed.

In such a situation, neither loans nor withdrawals can be made from the account. Additionally, the account can be reactivated later. This requires a deposit of ₹500 for each default year, along with a penalty of ₹50.

The Sukanya Samriddhi Yojana, which secures the future of daughters, also requires a minimum investment. A minimum investment of ₹250 is required under this scheme every financial year. Failure to deposit this amount is considered a default. In such a case, a penalty of ₹50 is also required to reactivate the account, along with ₹250.

The National Pension System, a popular retirement option, also has a minimum investment requirement. It is essential to deposit at least ₹1,000 annually into the NPS Tier-1 account.

If this amount is not deposited for any reason, the account may be frozen. The Tier-2 account linked to it may be affected. Reactivating the account requires a penalty of ₹100 along with the outstanding balance.

Important Points for Tax Savings

Investing in these government schemes offers tax savings as a major benefit. Under the old tax regime, investments in these schemes were eligible for a deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act. Therefore, investors are advised to deposit the minimum amount in these accounts before March 31, 2026. This will ensure the account remains active andensurese tax benefits.