PPF and SSY Interest Rates and Minimum Balance Rules It is necessary to deposit some amount every year in Sukanya Samriddhi Yojana and Public Provident Fund accounts. Failure to do so may result in termination of your account. Let us know the rules related to it.
If you also have an account in Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY), then this news can be helpful for you. If no money has been deposited under both these schemes in this financial year, then deposit some rupees soon. If you don’t do this, your accounts can be closed and you may have to pay a fine to start again. So let’s know the rules related to it.
What are the rules?
As a new rule, it is necessary to have a minimum amount in both these accounts and the last date for putting money in it for this year is March 31, 2023. It is necessary to deposit this amount in a financial year, because if not done so, the account is not only closed, but also a fine has to be paid. Apart from this, you will not get loan on this account. You will also not be able to withdraw money from this account.
Public Provident Fund (PPF)
It is necessary to deposit at least Rs 500 in a year in the Public Provident Fund (PPF) . If the money is not deposited in this account till the last date, then you will have to pay Rs 50 as penalty every year. For information, let us tell you that there is a lock-in of 15 years in the PPF account, but there is a facility of loan and partial withdrawal before the end of the tenure. Presently 7.1% interest is being received on PPF account.
Sukanya Samriddhi Yojana (SSY)
In Sukanya Samriddhi Yojana, a minimum of Rs 250 has to be deposited every year and for not depositing this money, a fine of Rs 50 will have to be paid. Under the Sukanya Samriddhi Yojana, the guardian of a girl child of 10 years or less can open her account and these accounts are valid till the age of 21 years or till the girl child turns 18 and gets married. Sukanya Samriddhi Yojana account is currently getting 7.6% interest.
