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How Much You Will Have To Pay If You Don’t Deposit Money By March 31 Into PPF, Sukanya Samriddhi Yojana

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<p>Every financial year, investors in the National Pension System (NPS), Sukanya Samriddhi Yojana (SSY), and Public Provident Fund (PPF) are required to deposit a minimum amount into their accounts. If you don’t, you risk losing out on potential tax advantages in addition to having to pay a penalty.</p>
<p><img decoding=”async” class=”alignnone wp-image-448157″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-how-much-you-will-have-to-pay-if-you-dont-deposit-money-by-march-31-into-ppf-sukan.jpg” alt=”theindiaprint.com how much you will have to pay if you dont deposit money by march 31 into ppf sukan” width=”1205″ height=”904″ title=”How Much You Will Have To Pay If You Don't Deposit Money By March 31 Into PPF, Sukanya Samriddhi Yojana 6″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-how-much-you-will-have-to-pay-if-you-dont-deposit-money-by-march-31-into-ppf-sukan.jpg 700w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-how-much-you-will-have-to-pay-if-you-dont-deposit-money-by-march-31-into-ppf-sukan-150×113.jpg 150w” sizes=”(max-width: 1205px) 100vw, 1205px” /></p>
<p>To keep the bank accounts open, minimum yearly deposits are required by the regulations. The account may be blocked and a penalty assessed if the minimum balance is not kept up to date. March 31, 2024, is the deadline for making a minimum contribution into your Sukanya Samriddhi, NPS, and PPF accounts.</p>
<p>How Can a Potential Penalty Be Avoided?<br />
Should you choose to transition to the new tax regime for the fiscal year FY2023–2024, you will forfeit the benefits of tax saver programs such as the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), and National Pension System (NPS) that you were receiving while paying taxes under the previous tax regime until the previous year.</p>
<p>Because of this, you may be subject to the penalties listed below individually if you fail to deposit money into these accounts for FY 2023–2024.</p>
<p>PPF, or the Public Provident Fund<br />
The PPF regulations for 2019 mandate that a minimum of Rs 500 be deposited into a PPF account each financial year. The PPF account will become inactive if the same is not made.</p>
<p>Then, account users are unable to use the loan (available after the third year) and withdrawal (available after the sixth year) features.</p>
<p>If you fail to deposit the required minimum amount of Rs 500, you will be charged Rs 50 annually. If your account is already dormant, you may bring it back to life by paying this penalty. But you also have to pay the required minimum deposit for that particular year.</p>
<p>Samriddhi Yojana Sukanya (SSY)<br />
The Sukanya Samridhi Yojana account is primarily intended for those who want to start saving early for their daughter. Investors in the plan must deposit a minimum of Rs 250 per fiscal year.</p>
<p>Every financial year, if the required deposit of Rs. 250 is not made, the SSY account would be considered defaulted. Reviving a defaulted account is similar to reviving a PPF account.</p>
<p>For each year that you fall behind, you must pay a default charge of Rs 50.Similar to a PPF account, you must deposit a minimum of Rs. 250 for each year that you miss payments.</p>
<p>The money in the Sukanya Samriddhi default account will become due at maturity if the investor does not revive it.</p>
<p>The NPS, or National Pension System<br />
By making extra investments of Rs 50,000 under section 80CCD(1B) of the Income Tax Act, National Pension System (NPS) accounts may help you save tax. It exceeds the Rs 1.5 lakh limit set by Section 80C of the Act.</p>
<p>Every fiscal year, a minimum of Rs 1,000 must be contributed into the National Pension System. The account will be locked if the minimum balance is not kept up to date. Even while frozen accounts may be opened with a single, minimal commitment of Rs. 500, account users must still deposit Rs. 1000 annually to keep their accounts active.</p>


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