PPF and SSY Deadline: Do you also have Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) accounts? If yes, then this news is very important for you. If you have not deposited money in these accounts this financial year, then your accounts may be closed. Therefore, keep your accounts active by depositing some money in them before 31 March 2025.
If you do not deposit money in PPF and SSY, these accounts may become inactive i.e. closed. If you do not deposit any amount, you will have to pay a penalty to reactivate them. In this article, we will tell you what is the minimum amount you have to deposit in the account.
Public Provident Fund (PPF)
The minimum deposit amount for PPF account holders is ₹ 500. In this, you have to invest at least ₹ 500 in a financial year. Let us tell you that the last date to deposit money in it is 31 March 2025, so deposit the minimum amount before that. If you do not deposit the money by the last date, then you will have to pay a penalty of ₹ 50 per year. For information, let us tell you that currently 7.1% interest is being given on the PPF account.
If you do not deposit the minimum deposit amount in a financial year, the PPF account will be closed. Apart from all this, you will not get the loan on this saving account nor will you be able to withdraw money from this great saving account. Along with this, if you do not deposit the money by the last date, then you will have to pay a penalty of ₹ 50 per year to start the account later.
Sukanya Samriddhi Yojana (SSY)
If you have an account in Sukanya Samriddhi Yojana, then you have to deposit at least ₹ 250 every year. If you are unable to deposit this money, then you will have to pay a penalty of ₹ 50. Let us tell you that currently 8.2% interest is being given on the Sukanya Samriddhi Yojana account.
If the minimum deposit is not made in the Sukanya account, the account will be considered a default account. If you do not deposit the money by the last date, you will have to pay a penalty of ₹ 50 per year for opening the account later.
Tax exemption benefit
Let us tell you that by investing in both these schemes, you get the benefit of tax exemption under section 80C of the Income Tax Act. Under this, you can get tax exemption on an annual investment of up to ₹ 1.5 lakh. This means that you can deduct up to ₹ 1.5 lakh from your total income through section 80C.