• Apr
  • 19
  • 2012

All about Public Provident Fund Scheme (PPF)

1. Short title and commencement:- This scheme may be called the Public Provident Fund Scheme, 1968.  It shall come into force on Ist July, 1968.

2. Definitions:- In this scheme, unless the context otherwise requires:-

(a)     ‘Account’ means a Public Provident Fund Account under this scheme.

(b) ‘Accounts Office’ means an office or branch of the State Bank of India, may subsidiary bank of the State Bank of India (excluding a pay office, a sub pay office or any other office managed by single officer or clerk) and any other office authorized by the Central Government to receive subscriptions under the scheme;

( c) ‘Accounts    Officer’ means the person who for the time being is in charge of an Accounts Office.

(d)  ‘Act’ means the Public Provident Fund Act, 1968 (23 of 1968)

(e) ‘Form’ means a form appended to this scheme;

(ee) ‘Guardian’ in relation to a minor, means:-‘

(i)   Father or mother and

(ii) Where neither parent is alive, or where the only living parent is incapable of acting, a person entitled under the law for the time being in force to have care of the property of minor;

(f) ‘Year’ means the financial year (Ist April to 31st March)

3. Limit of subscription:-

(1) Any individual may, on his own behalf or on behalf of a minor of whom he is the guardian, subscribe to the Public Provident Fund (thereafter referred to as the fund) any amount not less than Rs. 500 and not more than Rs. 70,000 in a year. (Increased to Rs. 1,00,000 from 1.12.2011 vide NOTIFICATION [F.No. 1/9/2011-NS-II], dated 25-11-2011)

Non Resident Indians are not eligible to open an account under the Public Provident Fund Scheme:-

Provided that if a resident who subsequently becomes Non Resident Indian during the currency of the maturity period prescribed under Public Provident Fund Scheme, may continue to subscribe to the Fund till its maturity on a Non Repatriation Basis.

[MOF (DEA) Notification No GSR 585 (E) dated 25.7.2003]

4. Manner of making the subscription:-

(1) Every individual desirous of subscribing to Fund under the Scheme for the first time either on his own behalf or on behalf of a minor of whom he is the guardian or on behalf of a Hindu Undivided Family of which he is a member or on behalf of an Association of persons or a Body of individuals as referred to in sub rule 2(b) of Rule 3 above shall apply to the Accounts Office in Form A, or as near thereto as possible together with the amount of initial subscription which shall be integral multiples of Rs.5

(2)         On receipt of an application under sub-paragraph(1), the Accounts Office shall open an account in the name of the subscriber and issue a pass book to him, wherein all amount of deposits, withdrawals, loans and repayment thereof together with interest due shall be entered over the signature of the Accounts Officer with the date stamp.

(3)         The subscriber shall deposit his subscription with the Account Office with challan in Form B, or as near thereto s possible. The counterfoil of the challan shall be returned to the depositor by the Account Office, duly evidence by receipt. In the case of deposits made by cheques or draft or pay order, the Accounts Office, may issue a paper token to the depositor pending realization of the proceeds.

(4) Every subscription shall be made in cash or by crossed cheques or draft or pay order din favour of the Accounts Officer at the place at which that office is situated.

5. Number of subscription: The subscription, which shall be in multiples of Rs. 5 may, for any year, be paid into the account in one lump sum or installments not exceeding twelve in a year.

6. Transfer of Account:- A subscriber may apply for transfer of his account from one “Account Office” to another “Account Office”.

7. Issue of duplicate pass book, etc.:-

(1) In the event of loss or destruction of a pass book issued by an Accounts Office, the Accounts Office may, on an application made to it in this behalf, and on payment of rupee one by the subscriber, issue a duplicate thereof to him.

(2) Condonation of default:- A subscriber who fails to subscribe in any year according to the limits specified in paragraph 3, may approach the Accounts Office for condonation of the default, on payment , for each year of default , a fee of Rs. 50 alongwith arrear subscription of Rs. 500 for each year.

8. Interest - Interest at the rate , notified by the Central Government in official gazette from time to time, shall be allowed for calendar month on the lowest balance at credit of an account between the close of the fifth day and the end of the month and shall be credited to the account at the end of each year.

Provided that where the interest to be credited contains a part of a rupee. Then, if such part is fifty paise or more, it shall be increased to one complete rupee, and if such part is less than fifty paise, it shall be ignored.

9. Withdrawals from the Fund:-

(1) Any time after the expiry of five years from the end of the year in which the initial subscription was made , a subscriber may, if he so desires, apply in Form C or as near thereto as possible, together with his pass book to the Accounts Office withdrawing from the balance to his credit, an amount not exceeding fifty per cent of the amount that stood to his credit at the end of the forth year immediately preceding the year of withdrawal or at the end of preceding year, whichever is lower, less the amount of loan, if any, drawn by him under paragraph 10 and which remains to be repaid:

Provided that not more than one withdrawal shall be permissible during any one year.

(2)       On receipt of an application under sub paragraph (1) the Accounts Office may, after satisfying itself that the amount of withdrawal applied for is not in excess of the limit prescribed in sub-paragraph (1) and that the applicant has, till the date of application, been subscribing according to the limit specified in paragraph 3, subject to the provisions of sub-paragraph (4) permit the withdrawal and enter the amount withdrawn in the pass book.

(3) Closure of account or continuation of account without deposits after maturity:- Notwithstanding the provisions of sub-paragraph (1), any time after the expiry of 15 years from the end of the year in which the initial subscription was made by him, a subscriber may, if he so desires, apply in Form C or as ‘near thereto as possible together with his pass book to the Accounts Office for the withdrawal of the entire balance standing to his credit and the Accounts Office, on receipt of such an application from the subscriber, shall subject to the provisions of sub-paragraph (4) allow the withdrawal of the entire balance (together with interest up to the last day of the month preceding the month in which the application for withdrawals made) after making adjustments, if any, in respect of any interest due from the subscriber on loans taken by him and close his account.

Provided that a subscriber may, if he so desires, make withdrawal of the amount standing to his credit, from time to time, in installments not exceeding one in a year.

(3A) Continuation of account with deposits after maturity :- Subject to the provisions of sub-paragraph (3) a subscriber may, on the expiry of 15 years from the end of the year in which the initial subscription was made but before the expiry of one year thereafter, may exercise an option with the Accounts Office in Form H, or as near thereto as possible, that he would continue to subscribe for a further block period of 5 years according to the limits of subscription specified in paragraph 3.

(3B) In the event of a subscriber opting to subscribe for the aforesaid block period he shall be eligible to make partial withdrawals not exceeding one every year by applying to the Accounts Office in Form C, or as near thereto as possible, subject to the condition that the total of the withdrawals, during the 5 year blcok period , shall not exceed 60 percent of the balance at his credit at the commencement of the said period.

10. Loans:- (1) Notwithstanding the provisions of paragraph 9, any time after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years from the end of the year in which the initial subscription was made, a subscriber may, he so desires, apply in Form D or as near thereto as possible, together with his pass book to the Accounts Office for obtaining loan consisting of a sum of whole rupees not exceeding twenty five percent of amount that stood to his credit to at the ends of the second year immediately preceding the year in which the loan is applied for.

(2) On receipt of an application under sub-paragraph (1) the Accounts Office may, after satisfying itself that the amount of loan applied for is not in excess of the limit prescribed in sub-paragraph (1) and that the applicant has, till the date of application, been subscribing according to the limit specified in paragraph 3, subject to the provisions of sub paragraph (3), sanction the loan and enter the amount in the pass book.

(3) Where the application is made by a person who has made subscriptions to the Fund on behalf of a minor of whom he is the guardian,  he shall furnish a certificate in the following form, namely:-

‘ certified that the amount for which loan is applied for is required for the use of   Who is alive and is still a minor.”

11. Repayment of loan and interest :-

(1) The principal amount of a loan under this Scheme shall be repaid by the subscriber before the expiry of thirty six months from the first day of the month following the month in which then loan is sanctioned. The repayment a may be made either in one lump sum or in two or more monthly installments within the prescribed period of thirty six months. The repayment will be credited to the subscriber’s account.

(2) After the principal of the loan is fully repaid, the subscriber shall pay interest thereon in not more than two monthly installments at the rate of one percent per annum (Increase to two percent Per annum w.e.f. 01.12.2011 vide NOTIFICATION [F.No. 1/9/2011-NS-II], dated 25-11-2011) of the principal for the period of commencing from the first day of the month following the month in which the loan is drawn up to the last day of the month in which the last installment of the loan Provided that where the loan is repaid, only in part within the prescribed period of thirty six months, interest on the amount of loan outstanding shall be charged at six per cent per annum instead of at one per cent per annum from the first day of the month following the month in which the loan was obtained to the last day of the month in which the loan is finally repaid.

(3)      The interest on the amount of loan outstanding under the proviso to sub-paragraph (2) and any portion on interest payable, but not paid, on any loan , the principal amount of which has already been repaid within the prescribed period of thirty six months, may, on becoming due, be debited to the subscriber’s account.

(4)         The interest recoverable shall accrue to the Central Government .

12. Nomination and repayment after death of subscriber :-

(1) subscriber to the fund may nominate in Form E or, as near thereto as possible, one or more persons to receive the amount stading to his credit in the event of his death before the amount has become payable or, having become payable , has not been paid.

(2)         No Nomination shall be made in respect of an account opened on behalf of minor.

[MOF (DEA) Notification No. GSR 477 (E) dated 25.5.1994]

(3)       A nomination made by a subscriber may be cancelled or varied by a fresh nomination in Form F or , as near thereto as possible by giving notice in writing to the Accounts Office in which the account stands.

(4) Every nomination and every cancellation or variation thereof shall be registered in the Accounts Office and shall be effective from the date of such registration, the particulars of which shall be entered in the pass book.

(5)  If any nominee is a minor, the subscriber may appoint any person to receive the amount due under the account in the event of the death of the subscriber during the minority of the nominee.

(6)  Notwithstanding the provisions contained in paragraph 9-

a. If a subscriber to an account in espect of which a nomination is in force dies, the nominee or nominees may make an application in Form G or, as near thereto as possible, to the Accounts Office together with proof of death of the subscriber and on receipt of such application all amounts standing to the credit of the subscriber after making adjustment, if any, in respect of interest on loans taken by the subscriber shall be repaid by the Accounts Office itself to the nominee or nominees.

Provided that if any nominee is dead, the surviving nominee or nominees shall, in addition to the proof of death of the subscriber, also furnish proof of the death of the deceased nominee.

b. Where there is no nomination in force at the time of death of the subscriber, the amount standing to the credit of the deceased after making adjustment, if any, in respect of interest on loans taken by the subscriber, shall be repaid by the Accounts Office to the legal heirs of the deceased on receipt of application in Form G in this behalf from them.

Provided that the balance up to Rs. 1 lakh may be paid to the legal heirs on production of (i) a letter of indemnity, (ii) an affidavit, (iii) a letter of disclaimer on affidavit, and (iv) a certificate of death of subscriber, on stamped paper, in the forms as in Annexure to Form G.

(7) A subscriber to the Fund cannot nominee a trust as his nominee.

13. Power to relax:- Where the Central Govt is satisfied that the operation of the any of the provisions of this scheme causes undue hardship to a subscriber, it may, by order for reasons to be recorded in writing , relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.

___________________________________________________________________

RBI CIRCULARS AND CLARIFICATION  RESTRICTING OPENING OF NEW ACCOUNTS IN THE NAME OF HUF

Public Provident Fund Scheme, 1968 – Amendments

RBI/2004-05/468
Ref.No.CO.DT.15.02.001/H-9593-9615/2004-05

May 14, 2005 Chaitra 23, 1927 (S)

The General Manager Government Accounts Department
State Bank of India and Associate Banks ;
Allahabad Bank / Bank of Baroda / Bank of India /
Bank of Maharashtra / Canara Bank / Central Bank of India /
Corporation Bank / Dena Bank / Indian Bank /
Indian Overseas Bank /Punjab National Bank / Syndicate Bank / UCO Bank / Union Bank of India / United Bank of India /

Dear Sir,

Public Provident Fund Scheme, 1968 – Amendments

We forward herewith a copy of Notification No.G.S.R.____(E) dated May 13, 2005 issued by Government of India, Ministry of Finance, New Delhi amending the provisions of the Public Provident Fund Scheme, 1968 as under:

i. in paragraph 3, sub-paragraph (2) shall be omitted;
ii. in paragraph 12, in sub-paragraph (1), the Note shall be omitted;
iii. in Form A -

a. for the heading ‘ACCOUNT IN THE NAME OF SELF/MINOR(S)/HUF/ASSOCIATION’, the heading ‘ACCOUNT IN THE NAME OF SELF /MINOR (S)’ shall be substituted;

b. in paragraph (ii), the words ‘or a Hindu Undivided Family or an Association of persons’ shall be omitted;

c. in paragraph (iii) in the details; S.Nos. 3 and 4 and the entries relating thereto shall be omitted;

d. in paragraph (iv), the sub-paragraphs (b) and (c) shall be omitted;

e. ‘Note 1′ shall be omitted.

2. These amendments to PPF Scheme 1968 have come into force with effect from May 13, 2005. You may please issue suitable instructions to all your designated branches/offices authorized to operate the PPF Scheme, 1968. The amendments may also be displayed on the notice board by the above branches/brought to the notice to PPF account holders.

3. Please acknowledge receipt.

Yours faithfully,

(D.Rajagopala Rao)
Deputy General Manager

___________________________________________________________________

RBI/2004-05/480
Ref.No.CO.DT.15.02.001/H-9844-9866/2004-05

May 25, 2005
Jyeshtha 4, 1927 (S)

The General Manager Government Accounts Department
State Bank of India and Associate Banks
Allahabad Bank / Bank of Baroda / Bank of India /
Bank of Maharashtra / Canara Bank / Central Bank of India /
Corporation Bank / Dena Bank / Indian Bank /
Indian Overseas Bank /Punjab National Bank / Syndicate Bank /
UCO Bank / Union Bank of India / United Bank of India /

Dear Sir,

Public Provident Fund Scheme, 1968 – Clarifications

Please refer to our Circular No.CO.DT.15.02.001/H-9593-9615/2004-05 dated May 14, 2005 forwarding therewith Government of India Notification dated May 13, 2005 issued by Ministry of Finance, amending the provisions of the PPF Scheme, 1968 with effect from May 13, 2005.

2. In this regard, Government of India, Ministry of Finance vide letter F.No.2/8/2005-NS-II dated May 20, 2005 have, inter alia, issued the following clarifications :

i) Sequel to amendments to various Small Savings Schemes to restrict the scope of investments only to individuals, the accounts, if any, opened by juristic persons (HUFs, Trusts, Provident Funds, etc.) i.e. persons other than individuals (through single or joint accounts or deposits by guardians on behalf of minors and persons of unsound mind as per rules) on or after May 13, 2005, under any of the small savings scheme including Public Provident Fund Scheme, 1968, shall be treated as void ab initio and immediate action should be taken to close such accounts and to refund the deposits without any interest to the depositors.

ii) It may, however, be noted that the above amendments shall not be applicable to the existing accounts opened in accordance with the rules in operation prior to the amendments dated May 13, 2005. These shall continue till maturity and deposits/withdrawals in/from these accounts shall be allowed to be made in accordance with the said rules. However, any extension of existing accounts shall be subject to the amendments dated May 13, 2005.

3. In view of the above, you may please issue suitable instructions to all your designated branches / offices operating the PPF Scheme, 1968 and ensure strict compliance with the same.

4. Please acknowledge receipt.

Yours faithfully,

(D.Rajagopala Rao)
Deputy General Manager

_________________________________________________________________

PPF Circular clarifying regarding reckoning of the date of deposit and Reiteration of instructions on opening of account for minor

1. Reckoning the date of deposit in case of cheque payment:

(a) As you are aware, in terms of Ministry of Finance letter No. F. 3(9)-PD/72 dated September 4, 1972, in the case of Public ProvidentFund Scheme, 1968 (PPF) “when a subscriber makes a deposit by local cheque or demand draft , the date of tender of cheque or draft at the Accounting Office is treated as date of deposit, provided the related cheque is honoured on presentation for encashment.” However, in case of all other Small Savings Schemes of the Government of India (GoI), such as, Post Office Savings Schemes (POSS), as also Senior Citizens Savings Scheme, 2004 (SCSS), if the money is deposited in the account by means of a cheque (local or outstation),the date of encashment of the cheque is treated as the date of deposit.

(b) In order to bring uniformity in the reckoning of the date of deposit in the PPF vis-à-vis POSS and SCSS, the GoI, vide their letter F. No.7/7/2008/NS-II dated February 10, 2010, have decided that hereafter in modification of Ministry of Finance letter No.F.3(9)-PD/72 dated September 4, 1972 “when a deposit is made in the PPF account by means of a local cheque or demand draft by the subscriber, the date of realization of the amount will be the date of deposit.”

(c) You may bring this to the notice of your branches undertaking PPF business and ensure that the same is also incorporated in the computerized system. The information should also be duly displayed at the branches for awareness of the customers.

2. Opening of an account for a minor:

(a) In view of complaints being received about non-opening of accounts for minor by some Agency banks, it is reiterated that as per Rule 3 (1) of PPFScheme, 1968, an individual may, on his own behalf or on behalf of a minor, of whom he is the guardian, subscribe to the Public Provident Fund . Further it is reiterated that as clarified, vide Ministry of Finance letter F.7/34/88/-NS II dated November 17, 1989, either father or mother can open a PPF account on behalf of his/her minor child but not both.

(b) You are advised to reiterate these instructions to your branches operating the PPF Scheme.


155 Responses to “All about Public Provident Fund Scheme (PPF)”

  1. dharam pal says:

    sir rate of interest from 1968

  2. sharad kaushik says:

    sir,
    A ppf a/c was opened in 1993 in the name of the minor say Charu but at the time of schooling her name was changed to Urvashi but the name in the above a/c was never changed and after 15 years the a/c was extended for another 5 yrs. now she is major but with no identification proof (KYC) in the name of Charu,as now she is known as Urvashi.what is the procedure to get the amount back? As per the requirements of the bank an affidivit by her father and two witnesses was deposited and by chance a hand written nursery report card with her photo affixed on it was traced in the name of Charu which after due attestation was also deposited with the bank.with regards.

  3. sharad kaushik says:

    sir,
    A ppf a/c was opened in 1993 in the name of the minor say Charu but at the time of schooling her name was changed to Urvashi but the name in the above a/c was never changed and after 15 years the a/c was extended for another 5 yrs. now she is major but with no identification proof (KYC) in the name of Charu,as now she is known as Urvashi.what is the procedure to get the amount back? As per the requirements of the bank an affidivit by her father and two witnesses was deposited and by chance a hand written nursery report card with her photo affixed on it was traced in the name of Charu which after due attestation was also deposited with the bank.

  4. vijay says:

    Sir, I wanted to know that whether any person can transfer his/her ppf account from one post office to another city post office without original ppf pass-book.

  5. M.MUMTAZ BEGUM says:

    Whether the payment of amount in PPF comes under Tax Exemption i.e. under Sec.80C of Income Tax Act.

    Thanking you.

  6. M.MUMTAZ BEGUM says:

    Whether the payment of amount in PPF comes under Tax Exemption i.e. under Sec.80 C on Income Tax Act.
    Please reply me on mail.

    Thanking you.

  7. Prasad Patankar says:

    I have a PPF account. I deposit one lac every year in that account. Also that amount is claimed under sec 80 C. Now I have a couple of questions .

    1) Can I open an account in the name of minor and can I invest another Rs one lac in that account for investment purpose.
    2) If a minor child gets a gift from her grand parents then can she deposit the same in her Minor PPF account.
    3) My wife has a pan card but she being a housewife has nil income. So can she become a guardian for Minor PPF account.

  8. If your daughter is Minor you can Invest in total One lakh in PPF account of you and your daughter in a year

  9. Prasad Patankar says:

    I have a PPF a/c with SBI. I deposit every year Rs 100000/- in that account. Now I would like to open an account in the name of my daughter. Can I deposit additional Rs 100000/- in my daughters account for investment purpose. Will I get interest on that amount. I will claim only for Rs 100000/- as per IT rules.

    Awaiting your reply at the earliest.

  10. ASHOK N DATE says:

    One can deposit maximum Rs.100000/- including minor’s A/C in PPF. No interest will be paid for the amount deposited in excess of Rs.100000/-
    Ashok Date

  11. Sanjeevan Tambulwadikar says:

    I have opened a PPF account in the year 1990 and further extended the same for 5 yrs in 2005 and again for 5 yrs in 2010, I want to withdraw some amount from the account, but I have a query that how much withdrawal can be made by me? Also can I withdraw amount from PPF A/c every year or is their a blocking period of 3 years after every withdrawal? No amount is withdrawn from the PPF A/c till date.

  12. RAM LILANI says:

    sir
    I OPENED A PPF A/C WITH POST OFFICE IN NAME OF MY DAUGHTER U/G OF MY SELF FATHER
    MY DAUGHTER EXPIRED IN ACCIDENT .I REQUESTED POST OFFICE OFFICIAL TO CLOSE THE A
    CCOUNT &PAY BUT THEY ARE INSISTING FOR SUBMISSION OF SUCCESSION CERTIFICATE WHICH
    IS COSTLY &TIME CONSUMING

  13. Chandrakant Parekh says:

    Chandrakant Parekh,

    I would like to know whether I can invest further amount to Minor PPF Account and get the regular interest on that Account over and above I invest Rs.1,00,000/- to my PPF account.

  14. Chandrakant Parekh says:

    I would like to inform you that i regularly invest amount of Rs. 1,00,000/- every year to my PPF account and further i would like to invest Rs.1,00,000/- or less to minor account as safe investment. I will claim in income tax only eligible amount of Rs.1,00,000/- for tax purpose.

    Please inform Can I invest further amount to minor account and will get regular interest on minor account.

    regards
    Chandrakant Parekh

  15. KOMAL S BUDHWANI says:

    Sir, I want to invest RS. 100,000/- in my persoanl a/c and further in two of my minor childrens a/c separately is it permissible to invest from income tax point of view i will take the deduction for my personal contribution

  16. Sunny says:

    Can I deposit Rs100000 in my ppf account & Rs 100000 in minor account of my daughter in same financial year.

  17. guddu says:

    can I deposit Rs100000 in my ppf account & Rs 100000 in minor account of my daughter in same financial year.

  18. Suvendu Sen says:

    Sir, I want to PPF A/c with United Bank of India. Please let me know about PPF.

    Suvendu Sen. Mobile No. + 91 90517 21162 / 92395 81386.

  19. K.Gururajan says:

    Require urgent advice regarding settlement of claim on Minor’s PPF Account with a Post office :
    A PPF A/c was opened on behalf of a minor daughter, by the mother in Nov.1999 and the account was being operated by the mother regularly every year till Oct.2012. Unfortunately, the child died on 13.10.2012 due to illness. Since there is no nomination facility for minors available, the Postmaster of a Head Post Office in Chennai is refusing to settle the claim submitted by the mother without a `SUCCESSION CERTIFICATE”. Post Office is not satisfied with the Death Certificate of the minor and the ID proof given by the mother. What is the correct ruling on this. Please clarify.

  20. Panchal Sachin says:

    I was opening PPF account since last 2 or 3 years but last 2 years i would not pay single amount in that account than what will happened?
    Please tell me

  21. sudhir says:

    Respected sir,
    my self sudhir i want a ppf a/c in any bank but i am stay in daman & diu , my locality in orissa . i have not a any proof in daman so i want further information.

  22. priya thakur says:

    Sir/Mam,
    My name is priya thakur actually i want to know about of SBI saving cum PPF accounts, and what you have process for these accounts. could you please mail me all details related to saving cum ppf account. becouse i’m a UP civilian and i’m stay in ghaziabad so, i dont have any delhi address proof. so. please kindly revert me as soon as possible.

  23. Harold A. D'souza says:

    Dear Sir, I already invested Rs 2 lakh induvidal in name of mine & my wife in PPF a/c.Can I still invest Rs 1 lkh in the name of my minor son who is 12 years old.Pls reply fast as I want to invest in coming month. Thanks.

  24. mmlgupta says:

    I have opened ppf ac with post office on 27-03-1993.
    when can i close this account?
    I had withdrawn partial payment on 8th feb 2012.
    if i deposit rs 100.000 lac on 20-03-2013 and close the account on due date shall i get rebate for income tax for the current year.
    thanxs

  25. Rahul says:

    Can I make a contribution of Rs. 3 lakh by depositing 1 lakh in each of the following accounts in a single financial year? In my personal name, my wife’s name and my minor childs name

  26. VIJAY P PARIKH says:

    sir
    can i extend my PPF account after maturity without giving for H and for how much time it will be extended

    please advise

  27. sanjay thomas says:

    I was originally an Indian national, having gained British nationality in 2009 along with my whole family. We have Overseas Citizenship of India (OCI). We have from the commencement of this financial year 2012 started to live in India and hope to be resident for a long time to come. I have gone through the guidelines of PPF and am aware of what is said of NRI. I wish you to kindly clarify whether as a foreigner with OCI now resident in India with a PAN card giving a local Indian address, would i be able to open a PPF account for myself and the family. Your advice would be very much appreciated.

  28. Biswajit Debnath says:

    I would like to know if a PPF account in the name of minor can be transferred to his/her name once he/she becomes major. Moreover, can the PPF account be operated by him personally. Can he avail the facility of extending the account for further years for entire life in multiples of 5 years.

  29. Ajit says:

    Dear Sir, I have my PPF account since 2008 and since last year i am not working. But my wife is working.
    It is possible that my wife can claim tax benefits by depositing in my account ?

    or she has to open her own account?

  30. c.p.saigal says:

    dear sir.
    I have PPF account in state bank of India since 1983, extended it upto 2013.Can I extend
    it for another 5 years.being senior I want to know better invest scheme.

  31. mahender says:

    Hi,

    I have a PPF a/c with PNB at my home town but I stay in other city. My PPF a/c does not have online transfer facility. I hardly visit my hometown once in a year and find it very difficult to deposit money in PPF because of tight schedule during my visit to hometown and long line of depositors in PNB. My source of income is through ICICI bank. In view of this is it advisable to open an a/c with ICICI on my minor son’s name and deposite most of the annual contribution deposited in that a/c. I hope I can get tax benifin on total of 1 lac only. But can I get interest income on diposits of both a/c upto the limit of 2 lacs altogether. Also I am sick of that PNB a/c because it does not allow online trasfer of funds over nad above public sector bank employees are very rude in dealing. Can you please suggest me better options. Also kindly confirm if my understanding about whatever I have written here is correct.

  32. HEM RAJ says:

    SIR, PLEASE WOULD YOU TELL ME THE PROCEDURE AND REQUIRED DOCUMENT FOR CHANGE OF NAME IN PPF ACCOUNT

  33. maria says:

    i have an a/c of ppf my amount is rs 160000 after 14 years how much will i get

  34. PRAMOD KUMAR SAXENA says:

    MY PPF ACCOUNT HAS MATURED AND I HAVE NOT DEPOSITED ANY AMOUNT IN THE LAST TWO YEARS. ONLY I AM GETTING INTEREST. I DO NOT REQUIRE ANY MONEY THIS FINANCIAL YEAR (2012-13) CAN IT WILL BE CONTINUES AND I WILL GET INTEREST ALSO. KINDLY REPLY AT THE EARLIEST
    THANKS
    E.MAIL : pk _sax2002@yahoo.co.in

  35. RAJENDRA J PAWASKAR says:

    Pl clarify whether a PPF a/c can be attached by Income TAX Authorities u/s 226 (3.) & in such cases whether monies are remitted immediately by the bank maintaining such PPF a/c of the assessee, even if the PPF a/c is not matured for payment. If yes pl clarify with reference circulars/instruction sent to banks by MoF.

  36. paras nath dwivedi says:

    I opended PPF account in March 2005 and contribuying every year as per Rule, Is Withdwral at maturity will be taxable ?

  37. anurag says:

    I have ppf account in syndicate bank. Can I make my payment from SBI netbanking ??

  38. gokul says:

    Hi,

    With ppf can i different payments in a year or across diff years

    ex:Paying 2000 rupees in one month and next 4000  rupess making sum paid in a year to 36000
    also
    in one year can i pay 24000 and next year 36000.

  39. Samir Kr Das says:

    Can an illiterate person open PPF A/c?  If yes, after a long time say 15, 20 or more years his/her photograph may not match with his/her actual face.  On maturity how can the amount be paid to the account holder i.e process of verification easily?  Please also make me know the procedure, in this case, payment to nominee.

  40. Ankur Chaudhary says:

    Hi,

    My query is “Do we get any final confirmation mail at residence address(mentioned in the withdrawal form), once it get en-cash to bank account. Showing all account details or closing up of the a/c with EPFO etc. ” ?

    Thanks & Regard
    Ankur Chaudhary

  41. Selvi says:

    My husband has PPF account and have decaled the invsetment proof in his tax declaration.But his savings ar ebeyond 1 lakh …so 40 k is not at all considered for tax purpose.Now can i use it for my tax investment purpose..kindly advice

  42. AMIT DEWANJI says:

    WHETHER PF LOAN INSTALLMENTS AGAINST PF LOAN ON MEDICAL GROUND IS TREATED AS CONTRIBUTION TO PF AND EXEMPTED UNDER SECTION 80C OF I.T ACT? KINDLY ENLIGHTEN.

  43. kirti says:

    Hello,
    I have doubt regarding amount to be put for minor. The rule copied from above is given below:

    Limit of subscription:-

    (1) Any individual may, on his own behalf or on behalf of a minor of whom he is the guardian, subscribe to the Public Provident Fund (thereafter referred to as the fund) any amount not less than Rs. 500 and not more than Rs. 70,000 in a year. (Increased to Rs. 1,00,000 from 1.12.2011 vide NOTIFICATION [F.No. 1/9/2011-NS-II], dated 25-11-2011)

    Doesn’t “not more than 70,000″ imply that total amount that I can put is Rs 70,000 including my account and my child’s account?

  44. O.P.GUPTA says:

    whether ppf account can be maintained in two banks simultaneously by the same person

  45. Yog Raj Wadhwa says:

    Dear Mr. Prakash

    Answers to your quarries dated December 21, 2011 & January 15, 2012.

    Only one account can be opened in the name of any individual.

    One can also deposit the money in the name of spouse and children.

    The limit for the current year is Rs. 100,000 for each of the accounts.

    However the maximum limit that one can claim under sec. 80C of Income Tax is Rs. 100,000/-whether the money is deposited in one or more accounts.

  46. abhijit ghavle says:

    I am having two ppf a/c ,one ppf a/c in the name of my HUF and second ppf a/c in the name of my minor son.. Can I deposit 1 lakh each in both ppf accounts from my savings account of HUF in a financial year. IF yes how much amount i can claim for exemption of IT U/S 80 C?

  47. prakash says:

    I Have a ppf account in my name. Can I open a PPF account in my spouse’s name, who is a house wife and not filing IT Returns.

  48. Dr.N.C.Padhi says:

    My PPF account will mature on31st March this year. If I do not withdraw the amount but continue to keep it in the Bank will it be eligible to taxfree interest as before. Do I have the option to withdraw the entire amount when ever I want after the maturity.

    Please someone answer my query. Thanks
    - Dr Padhi

  49. Brindabon Samanta says:

    Mistakenly I deposited an amount after 15 years but I did not fill in the Form H to extend after 15 years. I want to withdraw the entire money credited at the end of 15 years and want to discontinue it. May I know what is the procedure or what I need to do and what will happen what I deposited at the 16th year?

    Regards Brindabon Samanta

  50. A.N.Sharma says:

    Can rural branches accept PPF contribution?

  51. kcn says:

    I closed my PPF account after 21 yrs. I had not paid anything in for a year, and was advised to close and withdraw. I am 60. Can I start a new PPF account.

  52. Amey says:

    Sir, I have a ppf account with SBI, it been now 13years old, which iam planning to extend it for 5 years after completion of 15years. i want to know as per rule the A/c gets closed after 20 years i.e. 15+5, after that too can i hold ppf a/c with out depositing any money in that but just hold it to interest accumulated year after year, say for another 2 more years. Thanks, Amey

  53. Prakash says:

    Hello, I have a query. I have a Minor son in whose name a PPF a/c has been opened. In the same bank I and my wife both have individual PPF a/cs also. In August this year, I deposited Rs. 70000 in each of my and wife’s a/c from respective bank a/cs. I also deposited Rs. 70000 in my Minor son’s a/c from my bank a/c. The bank accepted the same. When I was told by my CA that the total amount that can be deposited between a parent and Minor son is Rs. 70000, I wrote a letter explaining the bank that by mistake or oversight Rs 70000 was deposited in my a/c as well as my Minor son’s a/c and hence asked the return of the money wrongly deposited. The bank’s senior officer told me that it is not a problem and that I will continue getting interest in all three a/cs (father, mother and minor son). So I wrote another letter to the bank that I have been advised
    by your own officer that I will contiue to get interest in all three a/cs and if I do not get interest then I am not responsible as I had offered to reverse the deposit but the bank officer assured me that it was not necessary………On 1st Dec 2011, I deposited Rs. 30000 in my and wife’s PPF a/c BUT did not deposit Rs. 30000 in my Minor son’s PPF a/c fearing loss of interest on the amount………Can you / anyone advise on the issue ? Many Thanks.

  54. Yog Raj Wadhwa says:

    Clarifications on PPF

    Mr. S K Gupta

    1. Nominee gets the payment from the bank in case of death of Account holder. and no further deposits can be made in that account.

    2. Under Hindu Sucession Act, It is the Legal Heirs who get the property and Assets of the deceased and Nominee is only a trsutee. Legal Heirs can claim the money / property from him.

    3. It is only through REGISTERED WILL that one can pass on / give his Property to any one of his choice in the manner he/she likes.

  55. Anita says:

    let me know my amount in my PPF a/c No. 31399203165 and oblige.

  56. S k Gupta says:

    I am a 75 year old pensioner . Can I open a ppf account for saving of tax. Also if I make a nomination in the name of a person other than my legal heirs then who would be the beneficiary in the event of my demise during the period of the account. Will the nominee get all the proceeds or they will pass on to my legal heirs.

  57. admin says:

    There is no such restriction in PPF Act. You can open one PPF account of you and one PPF account of each of your minor children.

  58. sam says:

    I have two minor children. Can I open two ppf accounts on behalf of each of my kids contributing 60000 (Sixty Thousand) i.e. 60k + 60k. Will there be any contravention? Please guide me.

  59. Shilpak says:

    Hi Manoj,

    You being an NRI cannot open a new PPF account and if your wife is also staying with you in UAE, you cannot open in her name also.

    But if she is staying in India you can open in her name and then you can deposit money into her PPF account.

    I hope this clarifies…

  60. Ravi says:

    Could you please let me know the rate of interest on GPF not PPF (existing 8.6%)

  61. anil says:

    take legal advice and first complaint at previous bank of baroda in written,,
    then complaint in consumer forum, with all the related documents,,

  62. anil says:

    yes, limit is 70000.00 and u can deposit less than 70000.00 or equal to 70000.00 either in lumsum or in installments.
    ok
    the no. of installments should not exceed 12.

  63. MANOJ says:

    I AM WORKING IN UAE, CAN I OPEN A PPF ACCOUNT…CAN I OPEN A PPF ACCOUNT FOR MY WIFE…

  64. Manisha kumari says:

    Attn: sir,
    iwant to say u that my husband sanjeev kr is employee of allahabad bank.his PF a/c is 26714. i want to know about PF details and his service position.
    Thnaks
    Manisha
    +91-8083457221.

  65. amit murarka says:

    sir i have opened ppf a/c on 25/09/2001 with rs.100/- after that i have not deposited any amount can i restart my account today

  66. Mahesh Kumar Yadav says:

    I AM WORKING FROM 1987 TO 2001 IN PVT LTD COMPANY MY P F AMOUNT WITH HELD IN THAT COMPANY. AFTER 2001 MY CASE GOING ON IN THE LABOUR COURT, THE LOWER COURT INSTRUCT TO THE COMPANY TO REINSTATE WITH BACKWEGES . BUT NOT REINSTATE ME . NOW CASE GOING ON IN HIGH COURT. AS PER GOVT OF INDIA CIRCULLER AFTER MARCH 31ST NO INTRUST ACCUMLATE ON PF A/C SO I WOULD LIKE TO KNOW IN MY CASE CAN I WITHDROW MY PF AMOUNT.

  67. MKG says:

    I HAD TO CLOSE MY PPF ACCOUNT IN THE NAME OF MY HUF AS PER THE NEW NOTIFICATION OF GOVT OF INDIA THAT PPF ACCOUNTS OF HUF CANNOT BE EXTENDED BEYOND 15 YEARS.

    CAN MY HUF DEPOSIT 70,000/- TO MY PERSONAL PPF ( ACCOUNT IN THE NAME OF INDIVIDUAL) AND CLAIM DEDUCTION UNDER SEC 80C ?

  68. Satendra says:

    ppf maximum deposite amount is 70000/- per year but how many installment we can deposite this 70000/- pl guide me

  69. ADV. SUNIL KALE says:

    HI,
    SUCCESSION CERTIFICATE IS MANDATORY IN YOUR CASE.
    write if any help required at sunilkale_2007@rediffmail.com

  70. Gurpreet says:

    Dear Admin/Chain Readers,

    SUB: PF amount after death

    My Grand Father was working in MCD and had a P.F account. He passed away. He nominated 2 of his sons his P.F amount. One of the nominated person was my father. He also passed away.

    Please let me know the procedure to withdraw my late Grand Father’s P.F amount.

    Thanks,
    Gurpreet

  71. Gurpreet says:

    Dear Admin/Chain Readers,

    SUB: PF amount after death

    My Grand father was working in MCD and had a P.F account. He nominated 2 of his sons his P.F amount. One of the nominated person was my father. He also passed away.

    Please let me know the procedure to withdraw his P.F amount.

    Thanks,
    Gurpreet

  72. SANDEEP KAMAT says:

    Sir I had opened a PPF account with Bank of Baroda on 30th MaRCH 1996 at Fertilizernagar Branch Baroda.In year 2006 I got the account transferred to Bank of Baroda Patel Colony Branch,Jamanagar.
    While transfering due to wrong entry of account History by Bank of Baorda,the starting date of account in the system is 7th September 2006,however as per the actual accounting opening date my account is due for closure on 31st March 2011.
    I had gone to branch for withdrawal and closure of the PPF account,but they say the account will mature in year 2022.

    I am in need of the money,please advice where I should put the complaint.

  73. nirav says:

    i have open ppf account for huf in sbi on 05/06/2008 they are asking me to close this account and also they are verbally asking to close this account as well as they are also verbally intimating that they are not able to give interest in huf account after 31/03/2011.

    awaiting for answer

  74. RAMAVTAR BANGA says:

    PLEASE ADVISE INTEREST RATE APPLICABLE FOR THE YEAR 2010-2011 & 2011-12.

  75. Adinarayana says:

    Maximum amount that can be deposited in a year in PPF account is Rs.70,000/-

  76. ADITYA says:

    What maximum amount can be deposited in PPF account in a year now

  77. Fazalailahi says:

    Respected Sir,
    My father pass away On 23/11/2009.In His PPF A/C My name is as a First Nominee & Second Nominee is My Step Son ‘Asbab’, for whom my sister is Appointed guardian. The Amount in PPF A/c Balance more than 5 lakhs.My sister Wants the Charge for to Sign for Withdrawal.Actually the Amount is for to utilise After Asbab’s Education.Asbab’s Actual & Real Guardians are I & his Mother(My Wife). What Can I Do Now?

  78. Narendra says:

    Dear Sir,

    One of My Client has expired with left of PPF a/c having more than Rs. 1 lakh. His Nominee is also expired. His one Son is also expired.The Grandson has WILL under which Grandfather has AUTHORISED grandson to take care of the PPF A/c etc. Though he has valid possession of WILL AND LEGEL HIERER ,is thier is requirement to get the Sucession certificate. Since to get Sucession certificate a lot of time has to be consumed. Please advice for alternate root

    Thanks

  79. VISHAL PAHADI says:

    My father recently passed away,account is very old,there is NO nominee on ppf account the amount is more than 1 lakhs,
    the nashik post office is asking for succession certificate of court, which is very costly & time consuming and all of my family members are busy in work,
    so i request you to please tell the exact procedure for getting the provident fund of my father.

    thanking you.

  80. Swati Patole says:

    MY ACCOUNT PPF AC IS OPEN,I WANT TO KNOW MY ACCOUNT DETAILS.HOW I CAN KNOW?.PLEASE REPLY ME

  81. r s p chowdary says:

    sir,
    I have a PPF account on my name and i opened another account onbehalf of my son as iam guardian. last year i deposited 50000 in my account and 40000 in my sons account. so i want clarification, is there any wrong in the above case to deposit more than 70000.

  82. vishal pahadi says:

    dear sir

    My father recently passed away,account is very old,there is nominee on ppf account the amount is more than 1 lakhs,
    the nashik post office is asking for succession certificate of court, which is very costly & time consuming and all of my family members are busy in work,
    so i request you to please tell the exact procedure for getting the provident fund of my father.

    thanking you.

  83. Bala says:

    Dear Sir,
    I have completed 14 years of contributions to my PPF a/c. Now I purchased house for my own use,can i withdraw all amount from my PPF a/c
    Please guide me.
    bala

  84. pankaj goenka says:

    If ppf account holder died in 2002 and nominee wants to withdraw money from ppf in 2011, is nominee will get interest on ppf till 2011.

  85. SAPNA LULLA says:

    I have opened PPF account on Feb 1992 and extended for further 5 years.The account is due for closure in April 2012.If I invest Rs 70000/ in 2012 what will be the Tax liability in at the time of closing the account in April 2012 as the lock in period for the last deposit less than 3 years.

  86. Rakhee says:

    Sir,
    I have ppf a/c in SBBJ in Delhi. May i tranfer my a/c to Patna.

  87. Sivasubramanian says:

    My daughter, IT assessee has invested in PPF in her mother’s name, a house wife.She has paid by Cheque to the PPF account.Is my daughter eligible for IT Rebate under 80c?

  88. varun says:

    sir,
    i hav a ppf acct in SBI Hazaribagh. Opened on 08 Jan 2003. Initially i deposited 20,000/-. After that i hav not deposited any money or operated my account in any way.So now what will be the state of my acct? How do i reactivate it. Also i would like to transfer this account to Delhi. is it possible without having to go to SBI Hazaribagh?

  89. nageswara rao says:

    i would like to open a ppf account. can you illustrate me if deposit 50,000 per year after 15 years approx how much i get in return

  90. mariyappan says:

    Sir,
    I have completed 8 years of contributions to my PPF a/c. After 5 years I can now go for withdrawl and again deposit the same amount to my PPF a/c for the next accounting year by way of avoiding Income Tax. Can I continue to do the same every year till 15 yrs.Please guide me. marichennai@yahoo.com

  91. g says:

    Dear sir,
    my father was holding a ppf (huf) account. he is no more. since it is an very old ppf account hence their is no family tree being mentioned. now it is my mom my younger brother and myself i and my younger brother both are married and have kids. the problem is that their is a dispute among us (both the brothers)who we are unable to clearify that who will claim the ppf amount either the elder son or the younger son of the deceased. kinldy guide us regarding the process.

  92. nidi says:

    Hi,
    Due to some personal emergency i need FULL withdrawal of PPF fund, however i am in my 4th year of policy.is there any way i can avail the full amount, withdrawal taxable is ok for me, plz suggest me the rule policy as well.

  93. Nagarajan N.Naidu says:

    Sir,
    I have completed 15 years in the PPF a/c. I retired in Dec 2008. I completed 60 years of age. Can I now withdraw the entire amount from my PPF a/c? Is this taxable? If I continue, will I get any addnl interest being a Sr Citizen?

  94. Rajesh Kumar Gupta says:

    I have a saving a/c with Canara Bank and want to open a PPF a/c in the same bank. Kinldy suggest me is it possible to open the a/c in canara bank, if yes please mention the name of branch of canara bank located in bihar.
    Rajesh Kr. Gupta
    Kurjee, patna-10

  95. Mrs. Keshwani says:

    I want to another name in place of a guardian for my minor children (2) Father;s name is existing but want to add my name too. My ppf is closed over and closed now. Could u revert asap.

  96. suneel says:

    QUERY:

    Dear Admin/Chain Readers,

    SUB: ppf amount after death

    My father recently passed away, can we operate his account till the end of 15 yrs?

    if we claim the money by the nominee (mother), will she have to pay tax on the bulk amount?

    other investment options after death? similar to ppf

  97. vikash lrm says:

    Mr. iswardas, your wife can’t get tax exemption on Rs. 70000/- depositing your p.p.f. a/c ,because you are not depend (aashrit) on her.

  98. Abhishek says:

    Sir, My PPF account is expiring in next month completing 15 years. Can I withdraw entire balance on it completion or I have tO wait till end of FY i.e. till next March? I want to withdraw. Please guide.

  99. Ishwardas says:

    Sir, I and my wife both are employee & both have PPF A/C. I want to know that, If my wife deposite Rs.70000/- in my ppf A/C ONLY FOR THIS YEAR, can she get tax exempt ONLY FOR THIS YEAR

  100. Hiten says:

    Our PPF account have completed 15 years in august 2010. can we withdraw the balance or do we have to wait till March 31, 2011. i.e. completion of 15th financial year. if yes; do we earn interst from August 2010 to March 2011. Any procedure required or done by bank on their own?

  101. R.K.Bhat says:

    Sir,
    I have completed 5 years of contributions to my PPF a/c. After 5 years I can now go for withdrawl and again deposit the same amount to my PPF a/c for the next accounting year by way of avoiding Income Tax. Can I continue to do the same every year till 15 yrs.Please guide me. rkbhat1789@gmail.com

  102. Rajneesh Kumar Bathinda says:

    Sir ,
    I am maintaing a ppf a/c in my name.Can my wife claim for income tax refund on depositing ,as I need not to take refund of my income tax paid. or she has to open a a/c in her name?

  103. You can deposit 70000/- Rs. in each account.

  104. M says:

    Hello,

    Could you please tell the subscription limit in case one holds an individual PPF account and is the guardian for a PPF account in the name of a minor? How is the limit of Rs. 70000/= per year applicable in such a case? (To be clear I want to determine whether one can deposit Rs 70000/= per year in both the accounts.)

    Thank you.

  105. p.rama rao says:

    dear sir

    i have ppf account in india.i was applied for transfor from panvel (branch)in mumbai to gajuwaka(branch)in visakhapatnam a.p.my ac.no 6101678.now idont know where is my ac.please details
    send to my mail.

  106. Ganesh says:

    I have a PPF a/c which I opened when I was a Resident Indian. currently, I am an NRI and is continuing with my PPF a/c. Now, can I open a new PPF in the name of my minor daughter as guardian ?

  107. Ganesh says:

    I have a PPF a/c in the mane of my minor son who is presently 14 years old. What is the procedure once my son becomes a major ( 18 years) ? Can I continue to make contributions into the a/c thereafter ? To withdraw money thereafter, should I take the approval of my son ( after he becomes a major) ?

  108. Shailendra Kumar says:

    Dear sir,
    I want to know whether investment in PPF is allowed upto Rs.70,000/-only payable in lum sum or EMI basis. How much return will be made after expiry of time of investment,i.e.after 20years or less. Kindly reply to my query.Thanks.

  109. KEEGAN says:

    Hello sir,

    Can balances lying in PFF accounts be seized by Income Tax Authorities. Kindly confirm with regard to individual & minor accounts

    Regards,

  110. niranjan kaveeshvar says:

    I have extended the PPF a/c beyond 15 years. How many such extensions are possible?

  111. Bhavesh says:

    There is any fixed rate of interest on PPF ? As per my info it is 8% pa is it right. thanks I waiting your reply

  112. K.P Agrawal says:

    can i deposit 1 lac, can i receive interst balance 30000/-

  113. Tejas shah says:

    Sir, As per the circular of D.Rajagopala rao, it also emits guardians of minor children to open a ppf a/c.

    As a father, can i open my childs(minor-3yrs) ppf a/c ?

  114. sudhin says:

    Could anyone clarify on the following. Can I contribute from my own funds Rs. 70,000 in my account and another 70,000/- in my minors account for ppf. Income tax benefits claimed will be limited to only 70,000/-
    Can I invest full amount in April but my income accrues after April but within the financial year?
    Thanks,

  115. Yog Raj Wadhwa says:

    1. Limit of Rs. 70,000/- is for tax purpose as well as the maximum amount that can be deposited in a year.
    2. An individual can deposit in more than one account with limit of Rs. 70,000/- for each account.
    3. Amount withdrawn is independenat of amount deposited and not considered as Income under Income Tax. So money withdrawn and redeposited is available to claim deduction under Sec.80C.
    4. Interest is available for the month if the cheque is credited on or before 5th of the month (Recent change).
    5. Pay penelty of Rs50 and subscription of Rs.500 for each year of default and the account will be regularised.
    6. Flexible monthly instalments available.

  116. Heerachand Jain says:

    I own PPF A/c which get 20 years completed on 31.3.2010. I want to close my account on 15.5.2010. Will I get the interest for the period from 1.4.2010 to 15.5.2010 or not?

    Please reply

  117. Nitin A says:

    So many unanswered queries? Can somebody throw light on these queries?

  118. Arvind says:

    whether deposits in PPF after 5th of the month fetch interest for that month in view of GOI Circular No. DGBA.CDD. H-7530/15.02.001/2009-10, dated 29-3-2010 regarding encashment date as date of deposit for PPF in tune with deposits in other schemes.Other schemes fetch interest from date of encashment irrespective of date of deposit

  119. s pal says:

    when a ppf a/c holder becomes a nre
    then
    1> whether the a/c can be closed before maturity?
    2> if not, then whether annual payments are to be continued till maturity?
    3> how , on maturity, the proceed will be paid

  120. SUBODH KADWANE says:

    Is there any bank other then SBI providing PPF account facility.
    Whether online PPF accounts are available?

  121. CMA. R.LGARG - FICWA says:

    I opened the PPFUND a/c in the financial year 1978-79. pl clarify as to whether i am required to apply for extentions. I was told that it is not manadatory to apply for extentions as the maximum limit of time period is alraedy lifted. Pl. enlighten me on this aspect

  122. P.Anbazhagan says:

    I have extended my PPF account for another five years from 1-4-2010. I want to know the implications on the proposed amendment to interest acquired will be subjected to TDS.

  123. A.P..S.Kumar says:

    If I withdraw an amount from my PPF account after fifth of a month and deposit a portion of the same in the account on the same day, will I be able to claim interest on the amount deposited after 5th of the month i.e. for the amount withdrawn and deposited on the same day after 5th of the month? Whether I will be allowed tax benefit for the amount withdrawn and deposited on the same day as deposit?

  124. B.S.BHADORIA says:

    I like to know the difference between open an ppf account in post office and bank. Which is more reliale and safe ? and how much we can invest in a month?

  125. CA Sandeep Kanoi says:

    No. Its per account but one person cant have more then one PPF account.

  126. Clarification of Manish Verma’s query:
    As far as I know,the limit of Rs70000 is for combined deposit of self & minor.

  127. Manish Verma says:

    As I understand that one person can open an account in the name of minor as well as self at the same time.Can I deposit Rs. 70,000 in each of the accounts or is it that the joint limit for both the accounts is Rs. 70,000.
    Please clarify

  128. My PPF a/c was transferred from Head Post Office to SBI in Nov2009.SBI has credited interest from Dec09 to Mar10.Post Office has not paid me interest for Apr09 to Nov09(month of transfer).
    What are the PPF Rules?
    My written complaint to the bank has evinced no action thus far.
    As far as I know only one interest on31st March is to be credited and is the transferee bank’s responsibility.

  129. ashish says:

    I am having PPF since last 3 years, somehow I forgot to deposit amount last year, what will happen now since the March 31 has already gone.
    Can i continue without any fees?
    Thanx

  130. Kanchan says:

    Please ans my question .

    If i deposite 500 in this year, so can I increase or decrease the amount in next year.

  131. mohit Bajaj says:

    My PPF a/c has been continue last 20 years. I want to continue my PPF a/c, can do and how many years

  132. Shonai says:

    Can a ppf account be opened at Syndicate bank? If so what documents are needed to open the account?

  133. CA Sandeep Kanoi says:

    No you can not deposit more then 70000/-

  134. shah darshan says:

    Can an individual deposit an amount more than Rs.70000 in PPF?

    If he can, then can he get the interst on above Rs.70000?

  135. Kanchan says:

    I read the forum.But some of my doubts are not cleared.

    1.Do i need to do equal amount of payment every year.

    2.Can I close or withdral the amount before 15 years?

    3.What if I pay for only 2 years. will the account be alive for next 13 years.

  136. pankaj vadhar says:

    My PPF a/c has been continue last 20 years. I want to continue my PPF a/c, can do and how many years

  137. Raj Nichani says:

    My PPF a/c has been operated for 15+5 years. I do not want to continue it. At the same time I do not want to withdraw the amounts.
    Question: !) Can I withdraw the amounts after 2/3 years when my need is more. 2) Will I continue to earn interest ? Please clarify asap.
    Thanks

  138. CA Sandeep Kanoi says:

    You can either close it or get it further extended for five years. No interest if you not make application for extension.

  139. prakash kolte says:

    my ppf a/c matured on 31/03/09 can i continue a/c without extension and can i close a/c at any time when iam in need of lumpsum amount to purchase aflat

  140. Mukesh Joshi says:

    dear sir , Kindly let me know how can i extend period of 5 years online or upload form H and provide me address where i would submit to extend block of 5 yrs. I am away from SBI branch where I have opened my account.

  141. Prutha says:

    Can I invest in PPF if my gross taxable income is lower than basic exemption limit? Can I invest an amount in excess of my GTI? I don’t necessarily wish to get S. 80C benefit.

  142. Shrikant P Kasawlekar says:

    Sir,
    As I understand that one person can open an account in the name of minor.If does so then will he also get the Tax Benefit for the same.offcourse if the combined investment(My Account & Minor) is less than 70,000.Also if I am correct where will I get the documents(proof) to show it to the Bank.As what the banks are saying that I cannot claim for minor.

    Please Guide.

    Shrikant

  143. veena says:

    my ppf matures on 01-04-2010. if i do not withdraw money for how long will i get interest.
    should i open a new ppf, in DTC the proposal is to add back the principal in the year in which it is withdrawn, so investing in PPF does not seem a good idea. please advise

  144. SS MAJI says:

    My PPF a/c has completed 20yrs on 31.03.09(5yrs extension inclusive).Now I like to:-a)continue without further deposite.b) with deposite for next 5 years.My questions are:
    1. for option a) will I get interest and it will be tax free
    b)Can I withdraw a portion standing in my a/c ,if required

  145. CA Sandeep Kanoi says:

    Yes She can

  146. George V nayagam says:

    Sir,

    I am working and have PPF account claiming tax benefit. Now my wife is also working.

    My query is if she can also open PPF account and claim tax benefit of 70000 on her account?

  147. CA Sandeep Kanoi says:

    The person who makes the contribution to PPF is entitled for tax benefit. For example, if you invest your money in the PPF account of your spouse, you’ll be entitled to claim section 80C deduction instead of your spouse.

  148. CA Sandeep Kanoi says:

    You can open. Maximum 70000/- in a year.

  149. VAikhari says:

    I have a PPF account in my name. Can I open an Account in Minors name. HOw much I can deposit in a year?

  150. Selvakumar r says:

    Can you please confirm, whether PPF taken in the name of wife is exempted from Tax

  151. Sanjeev Jain says:

    Dear Ramkumar vuyyala,
    As per the current IT rules any payment from the PPF is exempt from tax under Sec-10(11) of the Income Tax Act, 1961.

  152. Dear Kishor,
    Thanks for bringing our attention to this. We made the necessary amendments and also uploaded the clarification and circular issued by RBI.

  153. kishor says:

    This not updated wrt Government of India Notification dated May 13, 2005 issued by Ministry of Finance, has amended the provisions of the PPF Scheme, 1968 with effect from May 13, 2005.

  154. ramkumar vuyyala says:

    I would like to know whether the
    withdrawals from PPF account is
    taxable as per present IT rules.

    Whether the rule is same for existing PPF accounts and for new PPF accounts opened recently ie PPF accounts opened on or after 01 04 2009.

    kindly enlight me with the above information.

  155. S.NARAYANASWAMY FCS says:

    Dear sir
    GOOD MORNING

    WILL YOU UPLOAD THE FORM H that is to continue after 15 years and also Form C, Form D and Form E , so that many PPF users will be much benefited

    with regards, s.narayanaswamy

Leave a Reply

GET FREE EMAIL UPDATES