PPF, RD, SCSS, SSY Investors Get These Reliefs Till July 31, 2020

Given the pandemic crisis in the country, the finance ministry's department of economic affairs (DEA) has yet again extended relief for small savings schemes investors by relaxing some of the regulatory provisions until July 31, 2020.

So here is the relief provided to small savings scheme investors:

PPF and Senior Citizen Savings Scheme (SCSS):

For PPF and SCSS investors, those willing to extend the scheme and for whom the deadline for submitting the prescribed form for extension falls due during the lockdown with a 1 year grace period after the scheme's maturity, they can still submit the form via registered mail by July 31, 2020. And as and when the lockdown is completely withdrawn, original documents with regard to the extension will need to be submitted with the concerned operating agency.

In case of maturity of the account: There shall be no fee charged for transfer of account from one account office to the other till July 31, 2020.

Post Office RD account:

RD account holders can deposit the installments due for March, April, May and June month till July 31, 2020 and there shall be no levy of revival fees. This is in case the investor wishes to continue with the RD investment.

Also, RD account holders who failed to deposit the advance installment to avail of the rebate during the lockdown period may deposit it by July 31, 2020. The rebate admissible as per the scheme provision will be available at the time of deposit of advance installments.

Sukanya Samriddhi Yojana (SSY) account:

For girls who have attained the age of 10 years during the lockdown period i.e. between March 25, 2020 and June 30, 2020, SSY account can still be opened until July 31, 2020.

In an usual case, investment in Sukanya Samriddhi account in the name of the girl child is allowed only up to the age of 10 years from the birth date.

Also, SSY accountholders for FY 2019-20 can make a single deposit till July 31, 2020 subject to the maximum deposit ceiling of Rs. 1.5 lakh in a FY. The same can also be adhered to in case of a PPF account.

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