Many investment schemes require you to deposit a minimum amount every financial year to keep them active. If you fail to do so, they may be closed in this case.
PPF, SSY & NPS: If you invest in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) or NPS to achieve your long term goals, then you will have to complete some important work related to it before 31st March of the current financial year. Many investment schemes require a minimum contribution every financial year to keep them active. If you miss out on making the minimum deposit in them, then they may get closed. After this, you will have to pay a fine to activate them again. So, make sure to deposit the minimum amount in these accounts at the right time to keep them active.
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What to do to keep PPF account active?
A minimum amount of Rs 500 has to be deposited in the PPF account in every financial year. You can check PPF passbook to know about the contribution made during the financial year 2021-22. If you have not deposited any amount in the PPF account, then invest at least Rs 500. If you have an online PPF account, then you can do this work through online also. But to deposit money in the PPF account with the post office, you have to go to the branch.
Investment in PPF offers tax benefits under Section 80C and the interest earned in it is tax-free. Currently, the interest rate of PPF is 7.1 per cent per annum and it pays on maturity after 15 years.
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Minimum amount to be paid in SSY account
Sukanya Samriddhi Yojana (SSY) account can be opened with a minimum deposit of Rs.250. To keep it active, at least Rs 250 has to be deposited in every financial year. In this, a maximum of Rs 1.5 lakh can be deposited in every financial year. At present, the interest rate of Sukanya Samriddhi Yojana is 7.6 percent per annum. Investment in SSY offers tax benefits under section 80C and the interest earned is tax-free. You can check your updated SSY passbook to know the deposit amount during the financial year.
Minimum amount to be paid in NPS account
To keep the NPS account active, you need to invest at least Rs 1000 in every financial year. If you fail to deposit the minimum amount on NPS then the account will be closed. To activate it again, you will have to pay a penalty of Rs 100 every year with a minimum contribution. However, it is better that you deposit money in PPF, SSY or NPS accounts at the beginning of the financial year i.e. in the month of April itself.
(Article: Sunil Dhawan)
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