The government has relaxed the provisions for account holders of PPF, Sukanya Samriddhi Account (SSA) and Recurring Deposits.
In view of the lockdown in the country due to COVID-19 pandemic, the government has taken some steps for the benefit of post office small savings investors. The government has relaxed the provisions for account holders of PPF, Sukanya Samriddhi Account (SSA) and Recurring Deposits.
The subscribers of PPF and SSA may now deposit their savings up to 30th June 2020, which couldn’t be deposited in FY 2019-20 due to lockdown in the country. The revival fee or penalty charges are waived off on the PPF, SSA and RD accounts in which mandatory minimum deposit in not made up to 31st March, 2020 subject to such deposit are made up to 30th June, 2020.
All those PPF subscribers, whose accounts were matured on 31.03.2020 (including one year window for extension), can now be extended up to 30.06.2020.
The PPF and SSY account holders will be eligible to make a single deposit in each account opened in self-name and/or opened in the minor’s name, as the case may be for FY 2019-20 till June 30 subject to the maximum ceiling as per rules. An undertaking has to be given by the account holder that the maximum limit is not being breached and any excess amount will be returned back without any interest.
For someone who wants to deposit in PPF and SSY account for FY 2020-21 and FY 2019-20, they can do so but have to make the payment separately. If the PPF account had matured after the extension period and have to extend it further in a block of five years, they can do so by June 30, 2020.
For the purpose of deciding the withdrawal or loan limit in the PPF account, the outstanding balance in PPF account as on March 31, 2020, will be considered.