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You Can Still Invest In PPF, SSY For FY 2019-20 , But Won't Get Interest For That Year

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While with all other reliefs, the government for the financial year 2019-20 has also allowed investments under section 80C including PPF, SCSS and SSY scheme, there is a catch that you need to know.

You Can Still Invest In PPF, SSY For FY 2019-20, But Won't Get Interest
 

For the account to remain operational, in some of the post office savings schemes there is some minimum deposit amount that needs to be contributed every year and as the lockdown was announced on the interim night of March 24, many of the subscribers of these schemes were not able to comply with the rules of depositing such minimum payment.

So, consequently the government has allowed them to make investment in these scheme which also provides tax deduction benefit under section 80C until June 30, there shall not be given any interest for the deposit made after the FY 2019-20 has ended.

Nonetheless, there shall be no penalty charges for not complying with the minimum rules as also the account will also not be rendered inoperative.

Further while depositing the minimum amount or the deficit amount from the limit of Rs. 1.5 lakh one needs to give an undertaking stating that the maximum deposit limit in the account is not breached and also any excess amount will be returned without any interest.

GoodReturns.in

Read more about: ppf section 80c ssy
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