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5 things one must know about PPF account

There are some points which everybody should know about public provident fund(PPF).

1-    If somebody has the ppf account which is forgotten or ignored, one can revive this ppf account with paying the pending subscription and penalties.

2-    One needs to deposit minimum of RS. 500 per year to make the account active. If somebody fails to deposit the minimum amount, a penalty of Rs. 50 per year will be charged on the account. In case of reactivation, one need to pay due amount as well as penalty till the date of reactivation.

3-    Once PPF account is declared inactive, the account holder needs to visit in the bank for make it active for verification process.

4-    If your PPF account has already matured, it will not earn any interest from the date of maturity. You cannot reactivate such an account, but will have to pay the penalty to claim the proceeds.

5-    If the PPF account is close to maturity, you can apply for an extension, with or without further contribution, for a period of five years from the date of maturity to be able to earn an interest on the accumulated amount.
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Banking Calculators GST

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