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No Penalty/ Revival Fee On Failure To Pay Dues Of PPF, Other Post Office Schemes Till 30 June

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The Department of Posts issued a notification on Wednesday that said that subscribers of small savings schemes, Public Provident Fund (PPF) or post office RD (recurring deposits) can pay their dues, if any, till 30 June and no penalty or revival fee would be charged during this period.

 

"The subscribers of RD/PPF/SSA Accounts may deposit the mandated due amount, if any of current F.Y. (2019-20) and April, 2020 (as the case may be) in their respective accounts till 30th June, 2020 and no penalty/revival fee shall be charged," it said.

No Penalty/ Revival Fee On Failure To Pay Dues Of PPF, Other Post Office Schemes

The notification said that the decision was taken as account holders are not able to deposit their due amounts in time due to lockdown situation in view of COVID-l9 and approval for the relief as been received from the Ministry of Finance.

"Accordingly necessary amendments are being made in Finacle. Non'CBS Post Offices should also take necessary action accordingly," it said in its order to post offices.

Post office schemes require payment of a minimum amount each financial year to keep their accounts active.PPF accounts require a minimum investment of Rs 500 every financial year to keep it active. On failure to do so, the subscriber has to pay Rs 50 for every financial year that the account has remained inactive as revival fee in addition to the minimum investment of Rs 500.

 

Similarly, missing deposits towards RD accounts attract default fee of Rs 1 for every Rs 100 missed.

Story first published: Thursday, April 9, 2020, 12:55 [IST]
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