National Pension System: Under NPS, you get tax exemption on investment up to Rs 50,000. Apart from this, under the new tax regime, income up to Rs 12 lakh has been made tax free from April 1, 2025.
PPF Interest Rate: If you invest through PPF or Sukanya Samriddhi Yojana (SSY) or NPS, then this news is useful for you. Actually, in the Small Savings Scheme, you have to deposit a fixed minimum amount in your account during every financial year. It is necessary to deposit a minimum balance to keep the account active. If the account holder fails to deposit the minimum amount to be deposited every year, then the account may be frozen. Apart from this, penalty may also be imposed on the account holder.
Last date for depositing minimum balance is 31st March
The last date for depositing minimum balance in PPF, NPS and Sukanya Samriddhi account for the current financial year is 31st March, 2025. In the budget, the government has made the new tax regime more attractive. Under the new tax regime, annual income up to Rs 12 lakh has been made tax free from April 1, 2025. At the same time, no change has been made in the old tax regime. In this, income tax exemption is available on deposits up to Rs 1.5 lakh under section 80C.
Fine will be imposed for not depositing the minimum amount!
It is possible that you have selected the old tax regime for the current financial year 2024-25. In the old tax regime, one has to invest in savings schemes to get tax exemption. Even if you select the new tax regime from the new financial year, it is still necessary to deposit the minimum amount in your small savings scheme. Therefore, like every year, this time also you will have to invest in PPF, Sukanya Samriddhi Yojana (SSY) and NPS accounts. There may also be a penalty for not depositing the minimum amount in all these accounts.
How much money is necessary to deposit in PPF?
According to PPF rules 2019, it is necessary to deposit at least Rs 500 in the PPF account during every financial year. If the minimum amount is not deposited, the PPF account will become inactive. If the PPF account is inactive, the facility of loan and withdrawal is not available. You can revive an inactive account before maturity. A fee of Rs 50 is charged every year if the account defaults. Apart from the default fee, the depositor has to deposit a minimum amount of Rs 500 every year. It is necessary to deposit Rs 500 as the minimum amount every year in this account.
Sukanya Samriddhi Yojana
Sukanya Samriddhi is a tax saving investment option for those who want to save for girls. As per the rules of the SSY scheme, account holders are required to deposit a minimum of Rs 250 every financial year. If a minimum of Rs 250 is not deposited in the account in a financial year, then the Sukanya account is considered a default account. The rules of the scheme allow revival of any default account at any time before maturity. To revive the account, Rs 50 has to be paid for each default year.
NPS
Some taxpayers open NPS accounts to save tax by investing an additional Rs 50,000 under Section 80CCD (1B) of the Income Tax Act. This investment of Rs 50,000 is allowed over and above the limit of Rs 1.5 lakh under Section 80C. As per the rules of NPS, any person is required to deposit at least Rs 1,000 in the NPS account during every financial year. But if your account is inactive, you can make it active by depositing Rs 500. It is important to keep in mind that you will have to deposit at least Rs 1000 during a financial year.
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