Small Savings Alert! Govt issues relaxation guidelines for PPF, RD and SSY investors

The Department of Economic Affairs (DEA) of the Ministry of Finance has taken the decision to further extend the various relaxations and has relaxed some regulatory provisions up to July 31, 2020, in the statutory provisions of the small savings schemes in view of ongoing COVID-19 pandemic situation in the country.

The relaxation guidelines are as under:

a. The subscribers of Recurring Deposit (RD) account may deposit the instalments of March, April, May and June 2020 in their RD account till 31 July 2020 and no revival fees will be charged.

b. If the RD account is to be continued the same has to be done by the depositor till it July 31, 2020, by submitting the pending monthly installments. In such case, no default fee shall be charged for the period of March, April, May and June 2020.

c.The subscribers of RD account who could not deposit the advance installments to get the benefit of rebate during the lockdown period may deposit the same by July 31, 2020. The rebate admissible as per the scheme provision will be available at the time of deposit of advance installments.

d. The subscribers of PPF and SCSS accounts may submit the prescribed form for extension whose deadline for submitting the extension form is due in lockdown with a one-year grace period after maturity, through registered mail by July 31, 2020 and original copy of the same shall be submitted to the concerned operating agency once the lockdown is completely lifted.

e. No transfer fee will be charged in case of transfer of account from one account office to another till 31.07.2020 for the purpose of maturity of the account.

f. Sukanya Samriddhi Account may be opened in the name of girl child on or before July 31, 2020 who have attained the age of 10 years during the period of lock down i.e.25.03.2020 to 30.06 2020.

g. PPF/SSA subscribers may make a single deposit each in account(s) as the case may be for FY 2019-20 till 31.07 2020 subject to the condition of maximum deposit ceiling prescribed in the PPF/SSA scheme provisions and other conditions.