In what comes as some relief for investors, the Department of Post has waived penalty/revival amount due for the financial year 2019-20 and for April 2020 in small saving schemes like Public Provident Fund (PPF), recurring deposits(RD), Sukanya Samriddhi Yojana (SSY), etc. The penalty fees has been waived till June 30, 2020.

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“The subscribers of RD/PPF/SSA Accounts may deposit the mandated due amount, if any of current F.Y. (2019-20) and April 2020 (as the case may be) in their respective accounts till 30th June, 2020 and no penalty/revival fee shall be charged,” a notice issued by the department read. 

To recall, the investors need to put a minimum of Rs 500 in their PPF account in a financial year. In case they fail to do so, the account becomes inactive and can only be revived by paying a penalty of Rs 50 (for every financial year your account has been inactive) and minimum deposit amount of Rs 500.

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If you miss the instalment of an RD account, it can lead to default fees. A default fee of Re 1 for every Rs 100 is charged, the official website reads. The account becomes inactive if you miss equal to or more than four payments. 

The Sukanya Samriddhi Yojana also has a similar minimum annual deposit. The minimum annual contribution to the Sukanya Samriddhi Account is Rs 250.

As the country is amid a 21-day nationwide lockdown, the investors need to complete their instalments online. PPF, RD or Sukanya Samriddhi account holders can deposit money online through India Post Payment Bank (IPPB) app.