Small savings schemes including PPF, Sukanya Samriddhi Yojana and Recurring Deposit will not have to pay penalty for delayed installment

Lockdown has been carried out across the country to prevent coronaviruses, causing people little difficulty in doing their daily chores. To reduce this problem, the Department of Posts has decided not to take a penalty for non-deposit of the minimum amount within the stipulated period in small saving schemes including PPF. According to the India Post website, schemes like Public Provident Fund, Recurring Deposit and Sukanya Samriddhi Yojana can now have a minimum deposit of up to June 30 without penalty. According to the India Post website, there is a default fee of 1 rupee for every 100 rupees.

According to the department, "Subscribers to RD / PPF / SSY account can deposit the required amount by June 30. No penalty will be charged for this. However, if you are among those who have not yet deposited the minimum amount required, then it should be noted that penalty will not be taken for 2019-20 and April 2020. However, if you do not invest in time in May, you will have to pay a penalty.

The insurance regulator Insurance Regulatory and Development Authority of India (IRDA) has given a big relief to life insurance policyholders in view of the problems faced by people due to the lockdown caused by a coronavirus. IRDA has given 30 days more time for premium payment to life insurance policyholders. The benefit of those policyholders whose renewal dates are in March and April will get an additional 30 days for premium payments. Earlier, the date of filing of third party motor insurance premiums by IRDA during the lockdown i.e. between 25 March to 14 April, they will be able to pay the premium of their policy on or before 21 April. In this case, no penalty will be charged from them.