For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

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

|

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]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more