Public Provident Fund (PPF) or PPF is a long-term investment scheme in India. A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be deposited annually in PPF. The interest rate on PPF is decided by the government and currently the interest rate on it is 7.1 percent per annum. PPF has a lock-in period of 15 years.
PPF, NPS and SSY Scheme Investor: We all invest money in some government scheme or the other. There are many schemes in which most invest money once in a year and then forget about it for the whole year. Many times, people do not remember to invest money in schemes that are invested once a year. But common investors cannot do this with PPF, NPS and SSY schemes. If you forget, your account will be closed and you will have to pay a fee to restart the account. Also, you will not be able to avail the benefit of tax exemption. To avoid any such problem, invest money in PPF, NPS and SSY in the next 25 days.
Money has to be invested by 31st March 2024
You have also invested money in PPF, NPS and Sukanya Samriddhi Yojana. So there is good news for you because you will have to complete your work by 31st March 2024. Investors in Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and National Pension System (NPS) will have to deposit minimum amount in their account every financial year. To keep the account of these schemes active, it is mandatory to deposit money every financial year. If you do not deposit the minimum amount then your account may be frozen. The last date for minimum deposit in PPF, NPS and Sukanya Samriddhi accounts for the current financial year is March 31, 2024.
Complete this work by 31st March
The government has made the new tax regime more attractive. Under the new tax regime from April 1, 2023, the income tax slab was revised and the basic exemption limit was increased from Rs 2.5 lakh to Rs 3 lakh in a financial year. Apart from this, in the new tax regime, tax on income up to Rs 7 lakh was reduced to zero. That is, if you want to invest to save tax, then the time for that also is till March 31, 2024.
PPF has a lockin period of 15 years.
Public Provident Fund (PPF) or PPF is a long-term investment scheme in India. A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be deposited annually in PPF. The interest rate on PPF is decided by the government and currently the interest rate on it is 7.1 percent per annum. PPF has a lock-in period of 15 years. This means that the investor cannot withdraw money from it for 15 years.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is an important step of the Government of India to secure the future of daughters. This scheme is an important means of promoting financial security and their education, and it also works as an investment. The government is currently giving 8.2 percent interest on it. You deposit money in it for 14 years and can withdraw money after completion of 21 years of investment.
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