If the account holders of these plans have not saved any cash for the current monetary year, then,such individuals should pay at the latest 31 March 2022 to keep their account dynamic.
This large number of plans assist the citizens with benefiting derivation of up to Rs 1.5 lakh under Section 80C of the Income Tax Act. The derivation furthest reaches of Rs 1.5 lakh under area 80C incorporates 80CCC (commitment to annuity plan) and 80CCD(1), 80CCD(1B) and 80CCD(2).
Public Provident Fund (PPF)
The minimum yearly contribution for a PPF account in a monetary year is Rs 500. The last date to make this payment for the current monetary year is March 31, 2022. Assuming an account holder neglects to make commitments by March 31, 2022, he should suffer a consequence of Rs 50 for the earlier year and extraordinary membership of Rs 500 for that year.
Further, if the minimum contribution isn’t made in the monetary year, the PPF account will be viewed as out of commission. A dormant PPF account won’t be qualified for the facility of benefiting loans or making halfway withdrawal until the account is made active once more.
National Pension System (NPS)
It is compulsory for NPS account holders to contribute at least Rs 1,000 in a monetary year to keep the account active. If the minimum contribution isn’t made to the NPS Tier-I account, the account will become out of commission. For restarting the dormant NPS account, one needs to suffer a consequence of Rs 100 consistently with a minimum contribution.
Point of Presence (POP) charges will likewise be added for thawing the NPS account. Assuming one additionally has a Tier II NPS account (where lock-in of assets isn’t needed), the Tier-II record will be naturally frozen alongside the freezing of Tier-I account. This will happen regardless of whether there is no minimum contribution prerequisite in Tier II.
Sukanya Samriddhi Account (SSA)
You are expected to deposit at least Rs 250 in a monetary year to keep the Sukanya Samriddhi account active. If the minimum deposit isn’t made in any monetary year, the account will be viewed as broken.
Dormant account can be regularized before finishing of a long time from the date of opening of SSY account. To regularize the account, the account holder needs to pay at least Rs 250 with a punishment of Rs 50 for every year.
