Is it compulsory to deposit in PPF every month?

The deposits must be made every financial year during the tenure and such deposits are exempt from income tax u/s 80C. You are required to make a minimum deposit of Rs. 500 per financial year to keep the account active. If you fail to make this deposit, the account will be discontinued.

What happens if I forgot to deposit in PPF account?

If you miss the PPF account minimum annual deposit requirement of Rs. 500 altogether it will lead to account deactivation. In such cases, you can reactivate the account by paying a penalty of Rs. 500 for each year you have missed the minimum PPF payment amount requirement.

Can we stop PPF in between?

Centre-backed Public Provident Fund (PPF), which currently has 7.21 percent interest rate, is one of the high-yielding small-saving schemes. An account-holder can close one’s account before the maturity period in certain cases although it has a maturity period of 15 years.

How many times can I deposit in PPF account in a month?

12 times
An individual can deposit money into a PPF account, a maximum of 12 times, during a given financial/fiscal year. Also, not more than two deposits can be made to the PPF scheme, during any given month.

What happens if customer fail to deposit any amount in one or more financial years?

A penalty of Rs. 50 will be levied per year of default, if the customer doesn’t deposit the minimum deposit amount of Rs. 500 on the completion of the financial year. When does a Public Provident Fund (PPF) account mature?

How can I revive my dormant PPF account?

If the PPF account has become inactive, you will have to submit a written application to the bank or post office where it is open to revive it. You will then have to provide an application to the bank or post office to get your account started.

How can I pay PPF penalty?

These include the following:

1. Via cheque/cash at the post office/bank. The conventional method of paying for PPF deposits is through cheque or cash.
2. Via mobile banking. This is a great way of PPF account online payment.
3. Via NEFT.
4. Via ECS system.
5. Via Standing Instructions.

Can I close my PPF account before 5 years?

Premature closure of the PPF account is allowed only 5 financial years after the account is opened. It is only allowed on three grounds: Life-threatening ailment or serious diseases faced by account holder/spouse/children.

What happens if PPF closes?

Remember, the PPF account cannot be closed before maturity unless in case of specified circumstances. If you wish to close the account, visit the bank branch /post office where the PPF account is held. If yes, account will be closed and maturity proceeds credited to bank account.