Personal Finance

Here's what PPF deposit holders should do by June 30

Updated : June 16, 2020 05:57 PM IST

PPF subscribers, whose accounts matured on March 31 and could not extend their accounts due to lockdown were also extended up to June 30.

Subscribers should also note that the balance in PPF and SSA on March 31 are being taken into account for the purpose of deciding withdrawal limit or loan.

For the deposit made till June 30, March 31, 2020 is being considered for the purpose of payment of interest.

Small savings schemes such as Public Provident Fund (PPF) and Sukanya Samriddhi Account (SSA) holders should deposit their savings by June 30 for the financial year 2019-20 in order to avoid any penalty. For PPF, this is, however, subject to maximum deposit ceiling of Rs 1.5 lakh for the financial year.

In case the deposit limit is breached, the excess deposit may be treated as irregular and may be returned without interest, as per the government’s notification.

Subscribers are required to give an undertaking to the account office that the maximum deposit ceiling applicable to PPF, SSA will not be breached.

The earlier deadline for the same was March 31, which was extended in view of COVID-19 pandemic. PPF subscribers, whose accounts matured on March 31 and could not extend their accounts due to lockdown were also extended up to June 30.

For the deposit made till June 30, no penalty/revival fee is being charged, according to government's guidelines.

Subscribers should also note that the balance in PPF and SSA on March 31 are being taken into account for the purpose of deciding withdrawal limit or loan. For the deposit made till June 30, March 31, 2020 is being considered for the purpose of payment of interest.

Additionally, the government also extended a number of other money-related deadlines till June 30. These include filing of belated and revised Income Tax Return (ITR), linking Aadhaar with PAN, among others.

Here's what PPF deposit holders should do by June 30

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