The Finance Ministry in a tweet said that relaxation will be applicable for account holders of PPF, Sukanya Samriddhi Account (SSA) and Recurring Deposits (RDs). Govt has taken the decision to safeguard interests of small savings depositors in view of the lockdown.
To keep these accounts active the subscribers are required to make some specified deposit in a year otherwise penalty is charged over that.
The Finance Ministry said the subscribers of PPF and SSA may now deposit their savings up to June 30, which couldn’t be deposited in 2019-20 due to lockdown in the country.
An office memorandum issued by the finance ministry also said that the account holders of the specified schemes will be eligible to make a single deposit each in the account or accounts opened in his own name or in the name of minors the case may be for 2019-20 till June subject to maximum deposit ceiling of prescribed by law.