Utility: You should also complete this work before 31st March, otherwise there will be a loss!

pc: abplive

Every month, there are many changes to government schemes or regulations, and there are often deadlines that need to be met. Failure to complete tasks by specific deadlines can have significant consequences, including possible penalties. Some savings schemes require individuals to deposit money at least once a year, and neglecting this obligation may result in the account becoming inoperative.

Deposit money in Sukanya Yojana immediately

Sukanya Samriddhi Yojana is a scheme where individuals have to deposit a fixed amount every year. This scheme, officially known as the Sukanya Samriddhi Account, allows parents to open an account for their daughters, providing an excellent savings plan for education or marriage. With an attractive interest rate of 8.2%, the account requires a minimum annual deposit of at least ₹250 and allows contributions up to ₹1.5 lakh. It is important to deposit a minimum of ₹250 in the account before 31st March every year. Failure to do so may result in a fine. If you have not deposited any money in the last year, it is advisable to resolve this immediately.

Keep the PPF account active

Another savings scheme is the Public Provident Fund (PPF), which is preferred by many people due to its security and favourable interest rates. However, some individuals forget to make annual contributions to their PPF accounts. To keep the PPF account active and avoid penalty, a minimum deposit of ₹500 must be made before March 31 every year. Neglecting this responsibility may result in penalties. Maintaining an active PPF account not only keeps your savings safe but also provides tax benefits on the accumulated balance.