THE PUBLIC PROVIDENT FUND SCHEME, 1968
[Issued vide Government of India, MOF (DEA) Notification No. GSR 1136 dated 15.6.1968 and further amended from time to time]
Note:- The scheme was introduced in Head Post Offices w.e.f. 1.1.1979 vide Annexure 1 and Selection Grade sub post offices w.e.f. 1.7.1988 vide Annexure 2. The nationalized banks as detailed in Annexure-3 were authorized to accept subscriptions under paragraph 2 of the PPF Scheme w.e.f. 1.1.1988. Some branches of the Corporation Bank (Nationalised Bank) as detailed in Annexure 4 were authorized to accept subscriptions w.e.f. 27.8.2003.
GSR 225(E): – In exercise of the power conferred by Section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Central Government hereby makes the following rules further to amend the public Provident fund Scheme 1968, namely:-
1. Short title and commencement:- This scheme may be called the Public Provident Fund Scheme, 1968. It shall come into force on 1st 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. 1,50,000 in a year. Earlier the limit was Rs. 1,00,000/- which is enhanced to Rs. 1.50 Lakh vide Notification No.G.S.R. 588 (E) dated 13th August, 2014.
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
_________________________________________________________________
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.
पी .पी. एफ.खाते में ब्याज के सम्बंध में ।
श्रीमानजी, मेरे द्वारा PPF खाता संख्या-50305621136 इलाहाबाद बैंक मोतीबाग-फैज़ाबाद से दिनांक 08/12/17 को स्टेट बैंक चौक-फैज़ाबाद में स्थानांतरित कराया था( खाता संख्या-37371344377)। परन्तु 01/04/17 से 08/12/17 की अवधि का ब्याज उक्त दोनों बैंकों में से कोई देने को तैयार नहीं है और न ही कुछ सुनने को तैयार है बार-बार शाखा में बुलाकर परेशान किया जा रहा है
अतः श्रीमानजी से अनुरोध है कि इस समस्या का निराकरण करने की कृपा करें।
महान कृपा होगी।
can PPF be gifted on maturity
A specific querry: Father Indian residing in India, mother Person of Indian Origin (PIO), minor child holding British passport- can the father or mother as guardian open PPF in the minor child’s name; can the father or mother as guarding open Sukany samrudhi a/c. in the minor child’s name.
i have huf ppf a/c which completed 15 yesrs on 31-3-13.
but unknowlingly the acoont continued for till date
every year after after 31-3-15 the credited interest on my account e.o on 31-3-14 and 31-3-15
what happens to my interest after 31-3-15
One of my relative is missing since last 10 years pl guide about withdrawal from PPF Account
Dear sir,
i take voluntary retirement but my ppf account balance paid me after one year.whether i demand for interest on my amount for one year
regards
rahul
Dear Sir,
I have a PPF account in Syndicate Bank which I opened in Jan. 2001. At the time of opening it was opened by me in the name of “NARENDRA PANDEY”. I have a Aadhar card having name “NARENDRA KUMAR PANDEY”. Since I am the same person in both the case, can I change my name in PPF a/c now, because I want to continue holding my PPF account for further 5 or 10 years.
Awaiting your reply.
Regards,
Narendra Kumar Pandey
I have my PPF account with Andhra Bank Pratapnagar Branch Vadodara, Gujarat. on the name of “NIDHISHKUMAR SATISH GUPTA”.
I require the same to be changed to “NIDHISH SATISHKUMAR GUPTA”.
Ihave all supporting documents which can be submitted in favour of :NIDHISH SATISHKUMAR GUPTA”
sIR, iS IT POSSIBLE TO CHANGE THE NAME AS REQUESTED ABOVE.
ANDHRA BANK HAS REFUSED TO DO SO. HENCE THIS REQUEST TO YOU FOR KNOWING THE FACTS.
Dear Madams and Sirs of TaxGuru,
Greetings!
I request you to please advise me if any organization’s PPF account operation permits nomination facility of more than one nominee with different percentages.
I have a PPF A/C at State Bank of Mysore, Shimoga-577202.
Recently i received and completed a nomination form at my parent branch.
The form was almost identical to FORM E {[See sub paragraph (1) of paragraph 12] Nomination under the Public Provident Fund Scheme, 1968}, apparently specification of GOI.
However, my parent branch officials, tried but failed, to complete my nomination request. The SBM computer programme is coded differently. It accepts only a single nominee. Besides that there were other minor differences in the SBM’s computerisation. Hence, they expressed helplessness to process my request.
My PPF A/C remains without nomination. I am 73 years old with some medical disability.
Therefore i am exploring the possibilities of requesting transfer of my PPF account to the India Post department or to a different bank.
Hence i request you to please advice if the nomination facility, at different organizations, are as granted by PPF 1968 Rules by GOI.
Thanking You All!
Regards,
srinivasan. G.Sri
Dear Sir,
My minor son ppf a/c we opned in june 2000 and 15 years will be completed next month so can i close the account on 27/6/2015 as i need the funds for his studies.Pls suggest
Regards.
Sanjay
I had opened PPF account in October 1993.I contributed till FY 2013-14 in my account.Now I have completed 20 years period for that account.I want to continue the account without further contribution.I would be withdrawing funds from that account as & when necessary.For such withdrawals, what rules are applicable.I tried to get the clarification from the bank but they are not responding to my query.In support of the rules applicable,will I have to submit to the bank relevant PPF notifications to confirm the matter with bank?
Respected Sir,
My managment made three tranfers of H.M. on administration basis on three govt aided schools of their own branches. No one were aware of that P.F. of the last school if not transfer immediately will not getting interest .By the time we come to know I have lost 2.83 lacs of rupees for interest of 8 years.The statement of transfer of P.F.from Edu.dept Jogeshwari to Edu dept Thane showing no interest on the amount for 8 years. How its possible when the amount was with Edu. Dept only.Is there any rule of not giving interest for the amount with P.F. with them only.We did not got any information from neither P.F. office nor Edu .Dept regarding this.How can I claim it. please advice.
sir rate of interest from 1968
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.
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.
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.
Whether the payment of amount in PPF comes under Tax Exemption i.e. under Sec.80C of Income Tax Act.
Thanking you.
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.
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.
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.
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
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.
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
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.
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
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
Can I deposit Rs100000 in my ppf account & Rs 100000 in minor account of my daughter in same financial year.
can I deposit Rs100000 in my ppf account & Rs 100000 in minor account of my daughter in same financial year.
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.
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.
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
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.
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.
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.
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
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
sir
can i extend my PPF account after maturity without giving for H and for how much time it will be extended
please advise
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.
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.
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?
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.
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.
SIR, PLEASE WOULD YOU TELL ME THE PROCEDURE AND REQUIRED DOCUMENT FOR CHANGE OF NAME IN PPF ACCOUNT
i have an a/c of ppf my amount is rs 160000 after 14 years how much will i get
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
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.
I opended PPF account in March 2005 and contribuying every year as per Rule, Is Withdwral at maturity will be taxable ?
I have ppf account in syndicate bank. Can I make my payment from SBI netbanking ??
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.
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.