Public Provident Fund (Amendment) Scheme, 2010 – Amendment in paragraph 9

Notification No. GSR 956(E)

dated 7-12-2010

In exercise of the powers conferred by sub-section (4) of section 3 of the Public Provident Fund Act, 1968 (23 of 1968), the Cen­tral Government hereby makes the following Scheme further to amend the Public Provident Fund Scheme, 1968, namely :—

1. (1) This scheme may be called the Public Provident Fund (Amendment) Scheme, 2010.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. In the Public Provident Fund Scheme, 1968 in paragraph 9, in sub-paragraph (3), after the proviso, the following proviso shall be inserted, namely :—

Provided further that an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be refunded, after making adjustments, if any, in respect of any interest due from the subscriber on loans taken by him. In the case of accounts opened on behalf of Hindu Undivided Family, where fifteen years from end of the year in which initial subscription was made, has already been completed, they shall also be closed at the end of the current year, i.e., the 31st day of March, 2011 and the entire amount standing at the credit of the subscriber shall be refunded, after making adjustments, if any, in respect of any interest due from the subscriber on loans taken by him.”

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11 Comments

  1. Ajay mittal says:

    I opened a ppf account for HUF in 2001 . PO continue to recieve my contribution till 2020 and refused to accept contribution for 2021 by saying that Extention is not allowed for HUF. What rate of intrest will be given by PO on my deposte after maturity year 2016.PO was continue to add my intrest as per PPF rate till 2020. Now they said no intrest will pay after completion of 15 year i.e 2016.

  2. Vivek Kumar Bhalla says:

    My huf ppf ac complete 31/02/2012 but my ac extended automatically by bank now I got the payment he asked after 2012 intt well recovery fome your ac

  3. NAWAB SHAIKH says:

    Whether agriculture labour under HUF are applicable if they exceed 20 nos for Provident Funds Act 1952 applicability.
    Request to reply the answer through Email. Thanks

  4. natarajan iyer says:

    I opened a HUF ppf account on 09.09.2003.I have paid upto 31.03.2019.Now they say the a/c can not be extended and interest will be paid upto 31.03.2019 only.I may be loosing heavily.Kindly guide me how to get interest upto date and oblige.
    with kind regards,
    m.s.natarajan

  5. U.V.Desai says:

    My HUF account was opened in 1993.
    It was extended after 15 years
    Status of my HUF on 13 Jun 2012 account is as follows’:
    I have forgotten to close it on 31st March 2011 as per directive of GOI
    However the Bank received my contribution for 2011-2012
    The Bank has also credited interest for 2011-2012.
    What should I do? Please advise
    U.V.Desai
     

  6. Sushil Aggarwal says:

    Hi,

    Can i open a PPF account in name of minor and deposit the amount from HUF account?
    Will i get the 80C benefit for the same?

    Thanks
    Sushil Aggarwal

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