31 March Deadline for PPF, NPS, and SSY Scheme: Investors who have invested in multiple investment schemes such as Sukanya Samriddhi Yojana SSY Scheme, public provident fund PPF, and National pension system NPS then have to submit the minimum amount in your bank account before 31 March 2024 otherwise your payment could be stopped. Every investor in India needs to complete their payments before a financial year. So if you are also engaged in any of their investment plans then you should immediately submit the amount in your account before 31 March. Check this article “31 March Deadline for PPF, NPS, and SSY Scheme” to get detailed information about this announcement.
Multiple saving schemes in India are run by the central government to provide an investment plan to all citizens in India. While the public provident fund is famous among employees in the government and private sector, the National pension system provides investment facilities to the beneficiaries for getting the benefit of a pension after the age of 60. However, all future saving schemes have to maintain a minimum balance in the bank account that you have opted for at the time of applying for the scheme. So if you are not maintaining the minimum amount in your investment plan then you should immediately contact the branch or submit the payment in your account of SSY Scheme, PPF, or NPS.
31 March Deadline for PPF, NPS, and SSY Scheme
The financial year in a bank starts from one April each year. So 31 March 2024 is the last date for the financial activities of sessions 2023 and 24. All of you have selected the annual plan for your scheme which should be submitted before 31 March. Most of the investors have already submitted the annual premium in their investment plan, but in case if you forget to submit your premium for the financial year 2023-24 then you have only one week left to repay your premiums in the bank account. If you fail to repay the premium before the guideline of 31 March 2024 then Bank can freeze your account.
After that, you may be charged an extra penalty from the bank where you have to pay the premium amount with extra panties to reactivate your account. The Public Provident Fund PPF, Sukanya Samriddhi Scheme SSY Scheme, and the National Pension System NPS all are long-term investment plans in India that are opted for by most middle-class people to secure their features. So any deficiency in these back accounts will impact on your benefits after completing the scheme. So you should not wait for the last date to repay the premium if you have any premium left for this year.
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Sukanya Samriddhi Yojana (SSY Scheme Deadline 2024)
This SSY scheme is specifically designed for the future of girl children. Parents or guardians can open an SSY account for a girl child under 10 years old. It offers an attractive interest rate of 8.2% (as of March 2024), which is currently the highest among all government savings schemes in India. Deposits can be made in a minimum amount of Rs. 250 and a maximum of Rs. 1.5 lakh in a financial year. The account matures in 21 years or upon the girl’s marriage after she turns 18, whichever is earlier. SSY contributions qualify for tax deductions under Section 80C of the Income Tax Act.
Public Provident Fund (PPF)
PPF is a versatile long-term investment option suitable for various financial goals. Anyone can open a PPF account, and it offers a fixed interest rate (currently 7.1% as of March 2024). The minimum investment amount is Rs. 500, and the maximum is Rs. 1.5 lakh per year. The account matures in 15 years, with an option to extend it in blocks of 5 years. PPF contributions also enjoy tax benefits under Section 80C.
National Pension System (NPS)
NPS is primarily focused on retirement planning. Individuals between 18 and 65 years old can enroll. NPS invests your contributions in a mix of equity and debt instruments, offering potentially higher returns compared to fixed-income schemes. The investment strategy becomes more conservative as you near retirement. NPS offers tax deductions on contributions up to Rs. 1.5 lakh under Section 80C and an additional deduction of Rs. 50,000 under Section 80CCD(1). However, NPS has a lock-in period until retirement, with limited withdrawal options before then.