What happens if I discontinue PPF?

Discontinuation of the PPF account blocks the withdrawal facility on the account. In addition, a penalty of Rs 50 for each year of default, Rs 500 for each year of arrear payment, and a minimum subscription fee of Rs 500 for the year in which the account is being revived has to be paid by the account holder.

Can I pause PPF?

You cannot discontinue a Public Provident Fund (PPF) account. You have to deposit a minimum of Rs 500 in a PPF account in a financial year. If you fail to make this yearly payment, a penalty of Rs 50 would be levied each year, along with arrears of Rs 500 for each missed year till the maturity.

How can I close my premature PPF account?

For this, you will have to submit a duly filled Form C at the bank branch or post office where you have your PPF account. The PPF will be terminated thereafter and the corpus will be credited to your bank account.

What happens if I dont pay PPF one year?

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. 50 plus Rs.

What is minimum period for PPF account SBI?

Rs. 500
Features of SBI Public Provident Fund Account Some of the key features and benefits of the Public Provident Fund Scheme are mentioned here: Minimum annual investment required to keep an SBI PPF account active is Rs. 500.

Does maturity from PPF is tax free?

The PPF contributions are covered under Section 80C of the Income Tax Act, 1961. PPF has a tenure of 15 years and is popular for its EEE tax benefits. Therefore the amount invested in the scheme is tax-exempt (up to Rs 1.5L per FY), interest earned attracts no tax, and the maturity proceeds are also free from taxation.

How can I check my PPF maturity date?

Select your PPF account, choose “Financial Year” or any other duration of interest to you, Click on the “Go” button. The generated account statement would have a field “Maturity Date”, which is the exact date your PPF account matures. Also, PPF accounts would mature on 1st day of Financial year (April 1st).

What happens if I missed my PPF installment?

On how to activate an inoperative PPF account SEBI registered tax and investment expert Jitendra Solanki said, “To activate an inoperative PPF account, one needs to deposit ₹500 for each non-deposit years and a penalty of ₹50 for each such years.” That means if a PPF account holder has not deposited ₹500 in one’s PPF …