Alert: for the citizens who have accounts in the Selvamagal Saving Scheme!
Posted on: 30/Mar/2022 12:13:43 PM
An announcement has been released that citizens who hold Post Office Savings Accounts to check and confirm their accounts are active BEFORE 1ST APRIL!
An important message has been released for the citizens who have accounts in Sukanya Samrithi Yojana, Public Provident Fund (PPF), and National Pension Scheme (NPS).
IN other words, citizens who have the accounts as a Tax-saving avenue MUST PAY A MINIMUM AMOUNT IN THE CURRENT FINANCIAL YEAR TO CHECK AND CONFIRM THAT THE ACCOUNTS ARE ACTIVE AND RENEW THEM BEFORE 31ST MARCH!
Further, in case the accounts are NOT checked and verified to be functioning or the minimum amount has not been deposited for the financial year in these accounts, PLEASE ENSURE TO DEPOSIT THE MINIMUM REQUIRED AMOUNT ON THE RELEVANT ACCOUNTS BEFORE 31ST MARCH!
Otherwise, the citizen NEEDS TO PAY A PENALTY to activate the account!
Further, it is advised to confirm the deposit of the minimum amount required to keep the account alive as per the old or new procedures!
The minimum amount to be deposited to keep the Public Provident Fund (PPF) alive is Rs. 500/-. The last date to deposit this is 31st March 2022. Failure to deposit this minimum amount before the mentioned date, a penalty of Rs. 50/- has to be paid along with the minimum deposit amount of Rs. 500/-!
In case the accounts are closed, the concerned citizen cannot avail of any loans!
Subsequently, the minimum amount to be deposited to keep the National Pension Scheme (NPS) is Rs. 100/-! In case this has not been done, a penalty of Rs. 100/- needs to be paid to keep the account alive!
Further, PLEASE NOTE THAT IF A CITIZEN KEEPS MORE THAN 1 ACCOUNT, THE OTHER ACCOUNTS WILL GET CLOSED AUTOMATICALLY!
The account holders in the �Selvamagal Savings Scheme� must have deposited a minimum amount of Rs. 250/- in each financial year! Otherwise, there will be a penalty of Rs. 50/-!
Similarly, for the account Sukanya Samrithi Yojana (SSY), a normal accounting procedure can be followed before 15 years are completed from the start of the account opening!�
With the above explanations, it has been announced that citizens are advised to check and confirm the minimum deposit in these accounts!
