PPF, Sukanya Samridhhi Yojana, RD payments: No penalty to be paid, just do this

If you have opened a Recurring Deposit (RD), Public provident Fund (PPF) or Sukanya Samriddhi Account (SSA) in the Post Office, then this information will be critical for you. If you have not been able to deposit you due amounts in the respective accounts for the financial year 2019-20 (April-March) and April 2020 month, you can still do it by 30 June 2020. There will be no penalty on you for missing payment of the due amounts.

Earlier, the Ministry of Finance approved the exemption of penalty/revival fee for RD, PPF and SSA accounts after recognising the difficulties being faced by the people because of the nationwide lockdown due to the coronavirus pandemic. The Department of Post started receiving representations from various quarters seeking exemptions on revival fee or penalty on the failure to deposit the due amounts.        

"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," as per a government notification.

All non CBS Post Offices have also been directed to take necessary action.

Department of Posts (DoP) which works under the aegis of Ministry of Communications is the backbone of the country’s communication. It has been entrusted with the job of accepting deposits under Small Savings Schemes, providing life insurance cover under Postal Life Insurance (PLI) and Rural Postal Life Insurance (RPLI) and providing retail services like bill collection, sale of forms, etc apart from delivering. As per the information available on its website, India post has 155,531 Post Offices.

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In the wake of coronavirus pandemic, the Reserve Bank of India also announced a moratorium of 3 months towards payment of EMI or loan installments falling due between 01 March 2020 and 31 May 2020.