If you have a Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) account, but could not deposit money in them in this financial year, then to keep the account active, definitely deposit some money in them by 31st March 2025. If money is not deposited in PPF and SSY, these accounts may become inactive (closed).
If the minimum required amount is not deposited, then you will have to pay a penalty to get them activated again. You have to maintain minimum investment in these schemes so that it can be known that your account is active. We are telling you how much minimum amount you have to deposit in the account.
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Public Provident Fund (PPF)
The minimum deposit for those holding a PPF account is Rs 500, that is, you have to invest at least Rs 500 in it in a financial year. If you do not do this, your account may be closed.
The last date to deposit money in it is 31 March 2023, so you should deposit this minimum balance before that. If you do not deposit money by the last date, then you will have to pay a penalty of Rs 50 per year. Currently 7.1% interest is being given on PPF account.
Sukanya Samriddhi Yojana (SSY)
If you have an account in Sukanya Samriddhi Yojana, then you have to deposit a minimum of Rs 250 every year. If you do not deposit this money, then you will have to pay a penalty of Rs 50. Currently 8.2% interest is being given on Sukanya Samriddhi Yojana account.
Tax exemption is available
Benefit of tax exemption can be availed by investing in both these schemes under section 80C of Income Tax Act. Under this, you can get tax exemption on annual investment of up to Rs 1.5 lakh. To put it simply, you can reduce your total taxable income by up to Rs 1.5 lakh through Section 80C.
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