- By Aditya Pratap Singh
- Thu, 22 Feb 2024 01:23 PM (IST)
- Source:JND
Investors in the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY) and National Pension System (NPS) will have to deposit a 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, failing to do so can lead to the account being frozen and you may also be fined. 31 March is the last date of the ongoing financial year, so it is the last to deposit the minimum required amount in PPF, NPS and Sukanya Samriddhi accounts.
Tax saving options before March 31
The government has made the new tax regime more attractive. Under the new tax regime, active 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. In the new tax regime, tax on income up to Rs 7 lakh was reduced to zero. If a taxpayer wants to invest to save tax, he has to do it on or before March 31, 2024.
Also Read: PM Kisan Yojana: Govt To Release 16th Installment By End Of February; Know Date, Other Details
PPF and Sukanya Samridhi Scheme
A Public Provident Fund (PPF) or PPF is one of the best small saving schemes to accumulate a corpus via a long-term investment path. A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be deposited annually in a PPF account. The investment in the scheme is currently attracting an interest rate of 7.1 per cent per annum. PPF has a lock-in period of 15 years. Sukanya Samriddhi Yojana is a scheme to help secure the future of daughters. It promotes financial security and girl child education, and it also works as an investment instrument. Currently, investors are getting 8.2 per cent interest on it.
