Small savings schemes like PPF and SSY are the most popular investment routes across the country and to give relief to the investors, the government has extended the contribution deadline for the financial year 2019-20 from March 31 to June.
new Delhi. If you have failed to make minimum contribution in small savings schemes like Public Provident Fund (PPF) or Sukanya Samriddhi Yojana (SSY) for the financial year 2019-20, do not worry. The deadline for minimum contribution to PPF or SSY was 31 March, but the government has extended the deadline to 30 June 2020 due to Corona Voice lockdown.
Small savings schemes like PPF and SSY are the most popular investment routes across the country and to give relief to the investors, the government has extended the contribution deadline for the financial year 2019-20 from March 31 to June.
As per the rules, PPF and SSY account holders are required to invest a minimum of Rs 500 and Rs 250 in a financial year. Failure to make minimum contribution makes your account inactive. However, interest will continue to accrue in the inactive account till maturity. To reopen the account, you have to pay 50 rupees and minimum contribution. If you have a PPF or SSY account, then you must contribute the minimum amount.
Can invest a maximum of 1.5 lakh rupees
The maximum investment limit in PPF and Sukanya Samriddhi Yojana is Rs 1.5 lakh per annum. However, on depositing more than the maximum investment limit in these accounts, the additional amount will be returned without interest.
Remember, you can contribute only once for the financial year 2019-20 and not in installments till June 30. Also, the interest will start from the day of deposit and not for FY20.
