PPF Account: Your Account Can be Inactive; Do This Important Work By March 31

PPF Account: To keep the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) account active, account holders need to maintain a minimum balance till March 31, 2024. If you fail, your account can be considered inactive.

To re-activate the account, the account holder will have to pay a penalty. You need to be aware, of a minimum balance to be maintained in the account.

Minimum amount to be maintained in PPF account

PPF account holders will have to deposit a minimum balance of Rs 500 in a financial year. If there is not enough balance in the account then the account may be closed. The last date for maintaining a minimum balance or depositing the required minimum balance in the PPF account is 31 March 2024. Otherwise, a penalty will have to be paid to reactivate the account. The Penalty amount is Rs 50 per year. This means, if your PPF account is inactive for 3 years then you will have to pay 150 rupees with the minimum investment amount to reactivate it.

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An inactive account snatches major benefits like, a loan will not be available on an inactive account. You can even be allowed to withdraw the deposited amount.

Minimum Balance to be Maintained in Sukanya Samriddhi Yojana

The minimum balance in Sukanya Samriddhi Yojana is Rs 250, which means that to keep the account active one has to invest Rs 250 in a financial year. If you do not make the minimum investment in this scheme then the account will be frozen. To activate the account again, the account holder will have to pay a penalty of Rs 50 per year.

Earlier this month, the union government decided the interest rate at 8.2 per cent for the January- March quarter. The central government revised the interest rate every quarter. 

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