In a major relief, the postal department has abolished penalties for non-entry of minimum deposit during the fixed period under Public Provident Fund, Recurring Deposit, RD and Sukanya Samriddhi Yojana. During a financial year from April 1 to March 31, the minimum amount to be fixed under these schemes is to be deposited. However, from 25 March to 14 April this year, the government has decided to lockdown due to Corona crisis. In such a situation, the post office has decided to give this exemption to customers regarding the deposit of these schemes. Now the customers who take these schemes from the post office can deposit any penalty made by June 30 as the minimum deposit amount.
Explain that under PPF scheme any policy holder has to deposit at least 500 rupees in a financial year. Apart from this, it is necessary to deposit at least Rs 250 annually under Sukanya Samriddhi Yojana. Explain that the Central Government has given permission to show the investments made till June 30 in all these investment schemes in the IT returns for the financial year 2019-20.
This exemption has been given on the orders of the Finance Ministry to those who could not deposit even the minimum amount in the post office schemes. Customers planning to invest in the last days due to lockdown have been deprived of doing so. In such a situation, the Finance Ministry has taken this decision to give them exemption. Non-deposit of at least 500 rupees a year in a PPF account makes the account inactive. In such a situation, the customers have to pay a penalty of 50 rupees and then deposit at least 500 rupees, only then the account is active. Apart from this, a penalty of Rs. 1 per 100 is charged as a penalty.
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