Do you know that it is necessary to maintain a minimum balance in the accounts of Public Provident Fund (PPF), National Pension Scheme (NPS) and Sukanya Samriddhi Yojana (SSY). If you do not know, then know that it is necessary to do so. Therefore, if you have an account in any of these savings schemes and there is no minimum balance in it, then deposit sufficient amount in the account immediately.
If you want to keep the account active, then for the current financial year, you must maintain the minimum balance in these accounts till March 31, 2022. If these accounts become inactive due to not having a minimum balance, then you will have to pay a penalty to get them activated again. You get tax exemption on investment in these schemes. It is worth noting that from the year 2021-22, a person can opt for the old or existing tax regime and can avail the benefits of existing tax exemptions and deductions. No matter which system you choose to pay tax, you must maintain a minimum balance in these accounts.
Minimum balance has to be maintained
National Pension Scheme (NPS): For Tier-I NPS account holders, a minimum contribution of Rs 1,000 is required in a financial year. If minimum contribution is not made in Tier-I account, the account will become inoperative. If one also has Tier II NPS account then Tier II account will also get closed automatically along with deactivation of Tier-I account. To activate Tier-1 account, you will have to deposit Rs 100 of your contribution as well as you will have to pay a penalty of Rs 100. The problem will be different.
Sukanya Samriddhi Account Scheme (SSY): At least 250 rupees have to be deposited in a financial year to keep the Sukanya Samriddhi account active. If this money is not deposited, the account becomes inactive and then this account can be revived only after paying a fine of Rs 50.
Public Provident Fund (PPF): The minimum annual contribution for a PPF account in a financial year is Rs 500. The last date for submission is 31 March. If you do not make your contribution by March 31, then the account will be closed and you will not be able to withdraw money from it. To get it restarted, you will have to deposit Rs 500 per annum, as well as a fine of Rs 50 per year.