Govt allows PPF subscribers to pay FY20 deposits till June 30
The government on Saturday further relaxed regulatory provisions to operate small savings schemes, allowing Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) holders to complete their deposits for FY20 till 30 June 2020.
 
The three-month extension would be subject to the account holders making one deposit while sticking to maximum deposit ceiling prescribed for the two schemes. 
 
The extension has been allowed to safeguard the interest of small savings depositors in view of the lockdown in the country due to coronavirus scare.
 
The PPF and SSA depositors will have to give an undertaking that while making deposits into their respoective accounts during the extended period, they will not breach the annual ceiling kept for the schemes. 
 
Any additional deposit over the prescribed annual ceiling will be treated as irregular and will be returned to the account holders without interest. But interest on all regular deposits will accrue only from the date of actual deposits, even if made for the previous year. 
 
The relaxation allowed by the government will also not result in levy of default fee if deposits for FY20 are made by account holders during the extended period. But this will be restricted only for FY20. The default fee will be charged if the account had remained inoperative in any previous years. 
 
The Finance Ministry office memorandum also says that for the purpose of deciding withdrawal limit or loan, the balance in PPF and SSA on March 31 will be taken into account. But the subscribers will be allowed to extend their account after maturity during the extended period up to June 30. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
Comments
BR
1 year ago
If you give the ref no. & dt of the notifn it would help.
Ramesh Popat
1 year ago
Senior Citizens Savings Scheme (8.6%) should have been allowed
upto 31-5-20 if not 30-6-20, as many senior citizens could not deposit
the amount in SCSS due to lock down and pre lockdown period as a
cautionary measures.
BR
Replied to Ramesh Popat comment 1 year ago
You may please consider writing it immediately to the Dept of Posts & Minister for Communications & newspapers, magazines, financial institutions, professionals, Income Tax Dept, etc. They may then know your wish & may act on it. Deduction of invested amt under sec. 80 C, I.T.Act Tax to get exempted from tax may also be asked in the same letter. Why did you choose 31.5.20 though many exemptions were till 30.6.20?
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