If you put money in accounts like PPF, SSY, or NPS, this news is important for you. You need to add a certain amount of money to your account every year to keep it active.
If you don’t, your account might be frozen, and you could be charged a fee.
The deadline to add the minimum amount to your PPF, NPS, and Sukanya Samriddhi accounts for this year is March 31, 2024.
The government has made changes to the tax rules starting April 1, 2023, making the new tax system more appealing.
Under the new system, you may not have to pay tax on income up to Rs 7 lakh.
You might have chosen the new tax system for this year. If so, you still need to invest in schemes like PPF, SSY, and NPS to keep them active.
Otherwise, you might face penalties. Here’s what you need to know about each scheme:
1) For PPF, you need to deposit at least Rs 500 every year. If you don’t, your account becomes inactive,
and you can’t take out loans or withdrawals. You can revive it by paying a fee of Rs 50 each year.
2) For SSY, you need to deposit at least Rs 250 every year.
If you don’t, your account is considered inactive, but you can revive it by paying a fee of Rs 50 for each year you missed.
3) For NPS, you need to deposit at least Rs 1,000 every year. If your account becomes inactive,
you can reactivate it by depositing Rs 500, but you still need to deposit at least Rs 1,000 annually.
