Finance Ministry extends deadline for mandatory minimum deposit in PPF, Sukanya Samriddhi Account till June 30
Rs 11,830 crore released to States under the scheme "Special Assistance to States for Capital Expenditure"
In the view of the lockdown due to coronavirus outbreak, the Finance Ministry has extended the deadline for mandatory minimum deposit in Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) for 2019-20 by three months up to June 30, 2020.
The relaxation will be applicable for account holders of PPF, Sukanya Samriddhi Account (SSA) and Recurring Deposits (RDs). The government has decided to safeguard the interests of small savings depositors in view of the lockdown.
The Finance Ministry on Saturday in a tweet said, "Relaxation of provisions for Account holders of PPF, Sukanya Samriddhi Account (SSA) and RD. Govt has decided to safeguard the interests of small savings depositors in view of the lockdown in the country due to #Covid19 Pandemic."
(1/4) Relaxation of provisions for Account holders of PPF, Sukanya Samriddhi Account (SSA) and RD.
— Ministry of Finance 🇮🇳 #StayHome #StaySafe (@FinMinIndia) April 11, 2020
Govt has taken the decision to safeguard interests of small savings depositors in view of the lockdown in the country due to #Covid19 Pandemic.#IndiaFightsCorona
For details: ⬇️ pic.twitter.com/4zxXXt15lc
To keep these accounts active the subscribers are required to make some specified deposit in a year, otherwise, a penalty is charged over that. The Finance Ministry said the subscribers of PPF and SSA may now deposit their savings up to June 30, which couldn't be deposited in 2019-20 due to lockdown in the country.
An office memorandum issued by the finance ministry also said that the account holders of the specified schemes will be eligible to make a single deposit each in the account or accounts opened in his name or in the name of minors the case may be for 2019-20 till June subject to maximum deposit ceiling of prescribed by law.