What happens to PPF account after 15 years?
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What happens to PPF account after 15 years?
As a rule, one can fully withdraw the PPF account balance only upon maturity i.e. after the completion of 15 years. Upon completion of 15 years, the entire amount standing to the credit of an account holder in the PPF account along with the accrued interest can be withdrawn freely and the account can be closed.
What will happen after PPF maturity?
PPF accounts have a lock-in of 15 years. On maturity, the investor has the option of taking any one of the following steps: 1) Withdraw the proceeds and close the account. 2) Extend the account for a block of five years.
Does PPF account earn interest after maturity?
In that case, the PPF account holder will continue to get the PPF interest on one’s PPF balance with income tax benefit as PPF falls under ‘EEE’ category where investment in PPF, PPF interest earned and the maturity amount is 100 per cent income tax exempted.
Can I reopen 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 close my PPF account on maturity?
If you wish to close the account, visit the bank branch /post office where the PPF account is held. A written application to withdraw the proceeds and close the account needs to be given with the original passbook. Bank details for maturity proceeds to be transferred have to be mentioned.
Can I open second PPF account?
As per the Public Provident Fund (PPF) Scheme rules, an individual cannot have more than one account.
How do I activate an inactive PPF account?
To activate an inactive PPF account, the responsible account holder will have to submit a written application to the concerned bank or post office. 10. The application for reactivating a PPF account must be submitted at any time throughout the account’s or scheme’s 15-year tenure.
How can I reactivate my dormant PPF account?
The process to reactivate an account involves:
- Submitting a written request at the post office or bank branch where the account is based.
- Pay the minimum yearly deposit amount of Rs.
- Pay a fine of Rs.
- Visit the branch of PPF account once more to complete the verification process.