As the financial year draws to a close, it’s crucial to ensure your investments in key government schemes like the Public Provident Fund (PPF), National Pension System (NPS), and Sukanya Samriddhi Yojana (SSY) are up to date.
Failure to do so could lead to account closure and missed tax benefits.
Here’s what you need to know:
Deadline: March 31, 2024
Investors in PPF, NPS, and SSY must deposit the minimum required amount before March 31st to keep their accounts active and avoid any penalties.
The last thing you want is to miss out on the benefits of these schemes due to oversight.
Tax Benefits: Act Now!
Under the new tax regime effective from April 1, 2023, the government has made investing even more attractive by revising income tax slabs and increasing the basic exemption limit.
Take advantage of these tax-saving opportunities by investing before the deadline.
Understanding PPF, NPS, and SSY
Public Provident Fund (PPF)
Long-Term Investment: PPF offers a secure investment option with a lock-in period of 15 years.
Flexible Deposits: Invest anywhere between Rs 500 to Rs 1.5 lakh annually.
Interest Rate: Currently yielding 7.1% per annum, determined by the government.
Sukanya Samriddhi Yojana (SSY)
Securing Daughters’ Future: SSY is designed to ensure financial security and education for girls.
Investment Period: Deposit funds for 14 years and withdraw after 21 years of investment.
Interest Rate: Government is offering an attractive interest rate of 8.2%.
