Several small savings schemes are being run by the Government of India to promote savings.
Among the safe savings schemes, schemes like Public Provident Fund (PPF), National Pension System (NPS), Sukanya Samriddhi Yojana (SSY) are considered important for the common man.
In this, the money remains safe and the investor also gets the benefit of tax. These plans have the facility to contribute on an annual, quarterly or monthly basis.
In such a situation, remind you that only a few days are left for the end of the financial year 2022. In these tax saving schemes, a minimum amount has to be deposited every financial year.
Otherwise, the accounts linked to these plans become inactive, which will require the policyholder 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.
Do this work before March 31,
it will be good because if you have not deposited any money in these accounts for the current financial year, then you should put the minimum required amount by March 31, 2022. Otherwise, you will have to pay a fine to get them activated again.
Note that from FY 2021-22 onwards, one can opt for the old or existing tax regime and avail existing tax exemptions and deductions. Even if you opt for the new tax regime, it is important to ensure that you have deposited the minimum contribution required to keep the account active. Let us tell you that what is the minimum amount to be deposited in these accounts and what loss you may have to face if you do not deposit them.
How much money to deposit in PPF
If you are not able to deposit the minimum amount in your PPF account by 31st March, 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.
Minimum amount for depositing Sukanya Samriddhi Yojana
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 balance 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 has to be deposited every year along with a minimum amount.
Know the rules of NPS also
A minimum deposit of Rs 1,000 has to be made every financial year in the Tier 1 account of NPS. There is no upper limit for submission. There is no minimum deposit requirement in Tier-2 accounts. If you have a Tier-1 account and have not deposited the minimum amount, your account may be frozen. After this, you will have to pay a penalty amount of Rs 100 to unfreeze the account.
