Can I maintain more than 1 Public Provident Fund (PPF) account under my name?

Only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor.

What is the eligibility for investing under Public Provident Fund (PPF) Scheme, 1968?

A Public Provident Fund (PPF) account can be opened by resident Indian Individuals and individuals on behalf of minors.

Only one Public Provident Fund (PPF) account can be maintained by an Individual, except an account that is opened on behalf of a minor.

A Public Provident Fund (PPF) account can be opened either by the Mother or Father on behalf of their minor Son or Daughter; however the Mother and Father both cannot open Public Provident Fund (PPF) accounts on behalf of the same minor.

Grand-parents cannot open a Public Provident Fund (PPF) account on behalf of minor grand-child; however, in case of death of both the Father and Mother, Grand-parents can open a Public Provident Fund (PPF) account as guardians of the Grand-child.

What is the minimum and maximum amount that can be invested under the Public Provident Fund (PPF) Scheme, 1968, in a financial year?

The minimum deposit amount is Rs. 500 per annum and the upper ceiling limit is Rs. 1,50,000 per annum. 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.

What happens if I fail to deposit any amount in one or more Financial Years?

A penalty of Rs. 50 will be levied per year of default, if the customer doesn’t deposit the minimum deposit amount of Rs. 500 on the completion of the financial year.

What is the Interest earned in Public Provident Fund (PPF) account?

The current rate of interest on Public Provident Fund (PPF) is 8.8%, which is compounded annually .

When does a Public Provident Fund (PPF) account mature?

A Public Provident Fund (PPF) account gets matured after the completion of 15 years from the end of the year in which the account was opened.

Can I extend the tenure of a Public Provident Fund (PPF) investment beyond the Maturity Period?

A customer can extend the tenure of a Public Provident Fund (PPF) investment for a block period of 5 years beyond the maturity period by submitting Form H within one year from the date of maturity.

Can I terminate or closed the Public Provident Fund (PPF) account before before maturity?

No premature withdrawal is allowed for Public Provident Fund (PPF) accounts. Only in the case of the death of a customer, their nominee /legal heir can close the account by submitting the required documents as guided by the Ministry of Finance.

Can I withdraw funds from my Public Provident Fund (PPF) Account?

Customer can make one withdrawal every year, from the 7th financial year, of an amount that does not exceed 50% of the balance of the customer credit at the end of the fourth year immediately preceding the year of withdrawal or the amount at the end of the preceding year, whichever is lower.

Can I avail of Loan facility on my Public Provident Fund (PPF) investment?

Customers can avail of the loan facility between third financial year to sixth financial year ie. from third financial year upto end of fifth financial year.

What is the process for transferring my existing Public Provident Fund (PPF) account maintained with another bank/post office to Bank of Your Choice?

As per the PPF scheme of the Government, subscribers can transfer their PPF account from one authorised bank or Post office to another. In such a case, the PPF account will be considered as a continuing account. To enable customers to transfer their existing PPF accounts to  Bank of your choice, the following process must be followed.

The customer approaches the bank or the Post office where his current PPF account is held and makes an application for transfer of PPF account to another Bank’s branch.

Once the application is processed, the existing bank/Post office arrange to send the original documents such as a certified copy of the account, the account opening application, nomination form, specimen signature etc. to another Bank branch address provided by the customer, along with a cheque/DD for the outstanding balance in the PPF account.

Role of another Bank Branch:

Once transfer in documents are received at another Bank branch, customers are required to submit fresh PPF account opening form and Nomination form, along with their original passbook . Also customer is required to submit a fresh set of KYC documents.

Can I withdraw funds from my Public Provident Fund (PPF) Account?

Anytime after the expiry of 5 years from the end of the financial year in which initial subscription was made, a subscriber may withdraw 50% of the balance to his credit at the end of 4th year immediately preceding the year of withdrawal or amount at the preceding year which ever is lower. However, not more than one withdrawal is permitted in one financial year.

Related Post

How to extend PPF account beyond 15 years

All about PPF and Income tax benefit

All about Public Provident Fund Scheme (PPF)

(Republished with Amendments)

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102 responses to “PPF Account -Frequently Asked Questions”

  1. Aswathy says:

    If a person has PPF account opened when was in India, later on moves to UK and get British Citizenship and then OCI card. Is the person allowed to continue the PPF account investment in same account (if not made dormant)?If not allowed, can person close the account and withdraw all accumulated funds in account?Thank you very much in advance.

  2. SACHIN says:

    BY MISTAKE LAST MONTH I HAVE DEPOSITED AMOUNTPPF PENALTY ACCOUNT INSTEAD OF PPF ACCOUNT.SO PLZ KINDLY GUIDE HO WTO TRANSFER MY AMOUNT TO MY PPF ACCOUNT

  3. Rishikesh Anand says:

    hello…
    i would like to know i have two ppf acount , one in icici bank nd one in sbi , icici was old (about 4 yrs) one and sbi new one (5 month only), i opened by mistake bcoz i dont know the rule that one person should have only one ppf ac. now i want to close one my icici ppf ac, please suggest me ASAP..

    Warm Regards
    Rishikesh

  4. KAMLESH says:

    WANT TO KNOW THAT SUPPOSE I WANT TO INVEST IN PPF ACCOUNT, I WANT TO DEPOSIT RS.5000 PER MONTH IN PPF ACCOUNT. CAN I INCREASE THAT AMOUNT RS. 5000 IN NEAR FUTURE IN PPF ACCOUNT.

  5. Anil Kumar Gupta says:

    Sir,
    By mistake I deposited Rs. 150000/- on 31st March 17 instead of on 01 April 17. Thus in AY 2017-18 the deposit of 300000/-stands. How do I reverse this excess deposit of Rs. 150000/- wrongly made a day earlier

  6. BHARAT BANKA says:

    My running PPF account is 19 yrs old (more than maturity period). I do not have spare money to deposit further. I do not want to close it to earn Tax free interest.
    Can I withdraw from my PPF each year and deposit the amount in the same PPF account to run it for next five years?

  7. Rakesh kumar says:

    Sir,my self rakesh kumar s/o ishwar dayal , i worked courier company 2002 to 2013 in gurgaon but courier company registred in delhi so my pf a/c in wazirpur delhi when i apply for my pf in 2016 on my pf A/c ,pf office say it already claimed by some one rakesh kumar s /o ram nath , when i talk to courier compny they say we filled wrong a/c pf no of rakesh kr s/o ramnath by mistake ( it was also a worker of courier compny) & it is responsible pf office ,why they are not check father name & dt of birth in ur pf record ,when i talk to pf commissioner they say courier companey responsible why they recomended wrong another rakesh and dt of birth & father name is not our record what can i do , no body can take responsiblty which party i challange in court.pls help urgent from rakesh kumar gurgaon

    • JSP says:

      I beleive you are talking about your company PF (Employee provident fund).
      You can lodge your grievance at the below link. If still you don’t get than you can file an RTI. First try with the grievance filing:
      epfigms.gov.in/grievanceRegnFrm.aspx?csession=NDKphEc9Syb&

  8. pp says:

    Sir, can a father (having own PPF a/c) also deposit 150000 in one shot in PPF a/c of his adult son . I know that father can not get rebate in IT Return. is this Fund Trf legal as per income tax rules? can this income of adult son’s PPF a/c be interrogated?

  9. Kamodi says:

    my father was employee in chennai on his death i left chennai and moved to delhi but just came to know his ppf , can i send his pass book and death claim form to the branch in chennai to withdraw the amount , or do i have to visit the branch?

  10. Rao says:

    Hi,

    I transferred Rs.150000 to PPF account using NEFT in multiple deposits((35000,50000,65000)) today. Does Interest calculate for Rs.150000 or Rs.35000 from this on wards.

    Thanks in advance.

  11. Mala says:

    Hi

    I have a ppf account in the post office that completed 15 years in April 2015. Is it possible to withdraw the same from a different post office branch in the same city? If not is it possible to authorise my mother to draw the amount from the original branch? Also will the post office transfer the amount to my bank account directly instead of a cheque?

  12. Nilesh says:

    My wife paid my minor son ppf but my son return going with me. Rebate kisko milegi.

  13. sanyam love says:

    AFTER 31 MARCH 2016 YOU MAY DEPOSIT ANOTHER 1.50 LAC

  14. sanyam love says:

    NO ABOVE 1.50 LAC NOT ALLOWED YOUR WIFE MAY IF SHE DOES NOT CROSS THE LIMIT OF DEPOSITION

  15. sanyam love says:

    NO BOTH TOTAL SHOULD BE 1.50 LAC ONLY AND OVER LIMIT NOT ALLOWED AUTOMATICLY

  16. sanyam love says:

    GO TO BELONGING POST OFFICE YOU HAVE TO OPEN NEW ACCOUNT THEN IF YOU WANT OPERATE NEW PPF ACCOUNT

  17. sanyam love says:

    NO YOU CANT ONE PERSON ONLY ONE BUT IF YOU HAVE CHILDREN THEN WITH LIMITATION OF DEPOSIT ALL SHOULD NOT EXCEED 1.50 LAC IT MEANS YOU CAN DEPOSIT TOTAL 1.50 LACS PER YEAR IN PPF

  18. sanyam love says:

    HE IS ELIGIBLE FOR WIDRAWAL IN APRIL 2016

  19. sanyam love says:

    YOU CAN OPEN ACCOUNT IN NAME OF YOUR CHILDREN BUT TOTAL DEPOSIT SHOULD NOT EXCEED 1.5 LAC INCLUDING THREE ACCOUNT, FURTHER ABOUT YOUR WIFE SHE MAY OPEN HER ACCOUNT HERSELF APPLY FOR HER PAN CARD AND HER INCOME WILL NOT ADDED IN YOUR ACCOUNT SHE CAN GET REBATE AS WELL AS YOU

  20. sanyam love says:

    go to belonging p.o. with original and photocopy of your documents ,and also raised a fir in police thana that your passbook of ppf has been lost and then reached to p.o. they will issue you new passbook after verification.

  21. sanyam love says:

    @ john ar :-only nominee can claim the ppf amount the demise of ppf holder , nomination is must, whether parents,wife or sibling but should be nominee

  22. kavita says:

    Ppf acc no misplased

  23. John A R says:

    Hello Sir,

    I would like to know if a PF account holder passes away and the nominees too have expired, can the PF account holder sibling claim the PF amount though he/she is not the nominee?

    will the sibling get the PF amount?

    Please reply at the earliest.

    Note: The PF holder was not married, he was Single.

    • Raghav gupta says:

      My father have a ppf account holder but my father passed away nd there is no nominee in this account , amount was matured on feb 2015 nd now oct 2016 so we can take interest after the matured amount bcoz we cannot withdrawn the amount ?? We should claim the interest or not to the bank ,plz reply must

    • Raghav gupta says:

      My father have a ppf account holder but my father passed away nd there is no nominee in this account , amount was matured on feb 2015 nd now oct 2016 so we can take interest after the matured amount bcoz we cannot withdrawn the amount ?? We should claim the interest

  24. Anand says:

    Dear Sir,
    I got confused with how many PPF accounts one family can have ?
    One account with my name (Max limit 1.5 lacs)
    other account on my wife name (Max limit 1.5 lacs) -is there any clause like wife should be working or non working
    What will be the max limit for two individual accounts and if there are 2 children can we open two individual accounts on their names or only we can open joint accounts making them as minor .. what will be the maximum limit for the for the above four individual accounts

  25. Prashant Shah says:

    My PPF account maturity date was 23-04-2014.
    After that I had extended that account for 5 years. I have deposited INR 50000/- on 05-10-2014.
    on 20-10-2014 I became NRI. (i.e. after extending ppf account, I became NRI)
    In this scenario I have to close the PPF account or I can use this account.

    Please advise.

  26. Vijay says:

    I have a PPF Account in my name from last 6years & i am getting benefit U/S 80C of Income Tax every year.

    Now I want to know that can i open 3 new ppf accounts in the name of my Wife & 2 minor son and i will deposit amount in these 3 accounts, but not claim rebate U/S 80C.

    The interest earned in these accounts of my wife & two minor son will be treated as my income or will also be tax free.

  27. Gautam Kamath says:

    Hi friends,
    One of my relative has a query regarding ppf before he approaches the bank.

    Hi.
    Had a query.
    Opened ppf account in 1989.
    Extended it 3rd time again by 5 years from April 2015.
    Tuk 50 percent withdrawal limit in April 2015 itself.
    Now can’t withdraw.
    Need money for personal use.
    Never took a loan.
    Can he avail loan now.If yes, how much.
    Pls help
    Regards

  28. Gautam Kamath says:

    Hi
    My ppf was openedd in 1989.
    Have extended it again for 5 years.Also utilised the maximum withdrawal possible once extended..50 percent of the corpus.Now I can’t withdraw as per bank officials.
    Can I avail loan?
    Haven’t availed any loan yet.
    In continuation,had extended it this year itself.Also withdrew 50 percent in April 2015 only.
    Now I can’t withdraw as per the rules.
    Need urgent money.
    Can loan be availed?
    If yes,how much.

  29. Preeti Ramesh Chourishi says:

    I opened a PPF account in Aug,2009 which probably may mature in F.Y. 2024-2025. Can I again open a PPF account for next 15 years. (without extending for 5 years the existing account).My age is 30 years at present & when I became 44-45, I need to adjust IT benefits for the next 15 years as I retire in 2043 (being a govt. employee).Though section 80C has another options too but they are for short duration. I am thinking for Provident fund upto my age of retirement. Please clarify me in detail on my email erpreetichourishi@gmail.com

  30. Nirav Prajapati says:

    How should i make entry of PPF amount as nominee after death of primary accoutn holder of PPF in books of account of primary holder and nominee? I am too much confused.

  31. Bhavisha Shah says:

    Can I pay PPF amount on behalf of my father?

  32. Heena Maheshwari says:

    Sir,I want to know about the exemption limit in case where assessee have two PPF A/c one in the name of himself and second in the name of his minor child.Can he take deduction for investment made in both accounts and please tell the qualifying limit for such deduction .Whether overall limit of 1.5Lacs is applicable for both investments cumulatively or individually.And my second question is related about whether investment made in PPF A/c (open for minor child)can be take after obtaining majority of the same child.

  33. mukesh shah says:

    I have a minor son. I have my PPF account and also opened a PPF account for my minor son. I have contributed Rs. 1.50 lacs in my PPF account. Can I contribute additional amount in my son PPF account. Or total maximum contribution to my account and my son account can not exceed Rs. 1.50 lacs.

  34. Raghav Sharma says:

    Hello. I have opened a PPF account on 27th May 2015. I have already deposited 1,50,000 in my PPF Account. I would like to know the next date on which I can again start depositing the amount. whether that date is the start of next financial year i.e. 1st April or start of next year of my PPf account i.e. 28th May.

  35. Arun Debnath says:

    I had opened a PPF a/c in SBI last year (2014-15) for Rs 1,50,000. Interest was accrued on 31.3.2015. I again deposited Rs 1,50,000 this year (2015-16). As interest compounded annually, kindly let me know the accrued interest last year will also be included as principle amount while calculating compound interest. I want to say if this year principal amount will be treated as Rs 1,50,000 deposited last year + accrued interest last year on 31.3.2015 + Rs 1,50,000 deposited this year, for calculating interest or I shall be looser for getting interest on accrued interest earned last year on 31.3.2015. Request mail your reply to my mail id ps.admin@indiaexpocentre.com or inform through mobile No 9560897775. I shall be grateful.

  36. vipin says:

    sir/mam,

    Kindly provide the information about PPF INTEREST. in our pass book of SBI only deposited amount is showing.

    Is Interest entry calculated in other account. The amount of Interest not showing in our PPF Bank Pass book

  37. sunil chitale says:

    Dear Sir,
    PPF account in HUF name. after death of karta what is the procedure and documents required to claim the amount. The PPF account in the name of HUF is in HPO Amravati.Pl guide

  38. sanjay says:

    after matuarity of my p p f account where shall i invest my money to earn tax free interest

  39. Mahesh Maisuria says:

    From the beginning, I have not opened PPF account till my present age 60. Can I open PPF account? I would like to request you that can you send me a line reply to my email so that I complied.

  40. santu says:

    What is the way to change the sbi minor atm card to adult atm card, please tell me via mail

  41. Karthik M says:

    Please clarify my below questions:

    1. Which type of deposit is most beneficial in PPF?
    a) Monthly b) Yearly

    2. What mode of deposit is most beneficial in PPF?
    a) Fixed b) Variable

    3. If Yearly – Which month is better to get a best return?
    a) April 1 – 5 b) March 1 – 5

    4. If monthly – which date is better to get a best return?
    a) 1-5 b) 5-10 c) 21-30

    5. If my deposit amount is 96000 Per Annual, what would be my total return value?

    6. When, i can decide about the extension of my PPF account?
    a) At time open PPF b) after 5 Years c) after 10 Years

    7. How to disclose PPF account after 15 years with 100% maturity?

  42. Karthik Mariappan says:

    Please clarify:

    1. Which type of deposit is most beneficial in PPF?
    a) Monthly b) Yearly

    2. What mode of deposit is most beneficial in PPF?
    a) Fixed b) Variable

    3. If Yearly – Which month is better to get a best return?
    a) April 1 – 5 b) March 1 – 5

    4. If monthly – which date is better to get a best return?
    a) 1-5 b) 5-10 c) 21-30

    5. If my deposit amount is 96000 Per Annual, what would be my total return value?

    6. When, i can decide about the extension of my PPF account?
    a) At time open PPF b) after 5 Years c) after 10 Years

    7. How to disclose PPF account after 15 years with 100% maturity?

  43. Atulya says:

    hi. A PPF was opened by my father when i was a minor. now the PPF has matured after 15 years period. My father has expired and PPF is being operated by my mother. She is a joint holder of the PPF Account. She went to SBI for the claim but they told that the primary account holder (thats me) has to personally come and sign to claim the maturity amount. Now the trouble is that over these 15 years, my location, signature and appearance has changed completely. Please advice on the following:-

    * What are the documentation / procedures required to update my PPF account with my present information and signature
    * Is it necessary to visit the specific branch for all procedures / claims. PPF was opened in Kharagpur and i am presently based in Hyderabad. We have completely moved out of Kharagpur.
    * How do we claim the matured amount.

    for more information or to reply, you can contact me on 0964754488 / 07095592244. Email id – atulyanidhi@yahoo.com

    Thanks and regards
    Atulya

  44. Shirish Sadanand Shanbhag says:

    I find several questions on PPF remained unanswered.
    I have a very good PPF Account Rules book, which will give you reply to your all the queries.
    If you Email me your request on my Email ID: s.s1954@rediffmail.com
    I will Email you free of charge, that PPF Account Rules Book, published by National Savings Institute, Finance Department, Government of India, Nagpur, Maharashtra.
    Shirish S. Shanbhag, Mumbai-400089. Dated: 26.2.2015.

  45. Vijay Kumar says:

    Can I deposit more than one instalment in a month for a PPF account

  46. D. P. Mehta says:

    My account is in GPO-Mumbai. It is a PPF- HUF account. Its 15 years was completed on 31-3-2012. My account was matured after completion of 15 years. It cannot be extended because of completion of 15 years and it needed to be mandatorily closed as per Govt. notification.

    I was not aware of any such notification and the Head Post office has never informed or sent me any letter regarding the compulsory closure of PPF-HUF account after completion of 15 years. It was only in March 2013, when I went to extend the PPF -HUF account for another 5 years, did I come to know that it needed to be mandatorily closed.Then is the post office liable to pay me interest for the balance one year ???

  47. ashwini roy says:

    Namaste,

    My husband was working in a private company, but company terminated me without given any prior notice to me. So I fight in labour court since 4 years against the company, but company has not to settle my any claim i.e. PPF amount, gratuity, one month of payment etc. Company cant not give the PPF amount because of I am involved in legal disputes in the Hon’ble High Court, Mumbai. Still my PPF amount is in the PPF account only, Can I withdraw my PPF amount, what procedure do for withdraw my PPF mount.

  48. ashwini roy says:

    Namaste,
    My Husband was working in a private company, but company terminated me without given any prior notice to me. So I fight in labour court since 4 years against the company, but company has not to settle my any claim i.e. PPF amount, gratuity, one month of payment etc. Company cant not give the PPF amount because of I am involved in legal disputes in the Hon’ble High Court, Mumbai. Still my PPF amount is in the PPF account only, Can I withdraw my PPF amount, what procedure do for withdraw my PPF mount.

  49. Ajay says:

    I opened a ppf account after one year working in foreign country and am depositing since 2 years. What impact will be there? Can i get my money back. I should continue it or not.

  50. Manav Bhanot says:

    Hi,
    I have added a surname to my name and then I also made the changes in passport, aadhaar card and PAN card. Thanks to the online facility available for these kind of work. Now I wanted to change the same in PPF account. Could you please kindly tell the procedure for the same.

  51. Manish Savale says:

    My cousin brother took a student loan of 4 lacs from a Bank and had also opened a PPF account with the same bank earlier. In a very shocking and unfortunate incident he passed away leaving 3 lacs loan still to be cleared. The Bank closed his PPF account which had 1 lacs rupees and instead of crediting the PPF money to the Nominee (in this case his mother), they retained the PPF amount and have now sent a notice for recovery of 2.5 lacs to the deceased’s mother. Is the Bank in violation of any laws here by touching the PPF amount because as per my understanding of the RBI rules, the PPF amount cannot be touched under any circumstances. Appreciate if someone can clarify. Thanks Manish

  52. Amit says:

    I deposited 1L in my SBI PPF account in 2013-2014. My wife also deposited 1L in her SBI PPF account in 2013-2014. I opened PPF account in my 3 year old son account in diff bank (2013-2014) and I am guardian for this account. My Father has deposited 20K (through cheque) in 2013-2014 in my son PPF account. As per rule we should not deposit more than 1 L in my account and my son account. Last year I was not aware about this rule. Please advice what to do. Can I withdraw the amount from my son’s account?

  53. Vishal says:

    My daughter will turn 18 years ( Major) on 2-10-14 and have been depositing money in her account as a minor . Can i deposit money before 2nd cotober before she turns a major 18 and claim my tax rebate on the same.

  54. Suryakant says:

    Hi,

    I have made investment in PPF acount on my wife’s name As Well AsOn My Account. Can i claim this amount for exemption under Section 80 C. Also she is not employed any where and not claiming this for any tax exemption.

    Waiting For Your Valuable Reply

  55. Shirish Sadanand Shanbhag says:

    There are several queries on PPF, which are not answered. I am giving you hterwith an information, which is going to be the replies to many of the queries raised above.

    (1) Husband can put deposit from his own income in wife’s account, and get IT benefit under 80C. Even such deposit can be made by wife in husnand’s PPF account from her own income source.

    (2) One can open only one PPF Account, except by father or mother, in the name of their own minor children. Additional PPF account can be opened, as guardian, during minority of the children. In such account, deposit made by Parent, is within overall limit of 1.5 lakh. That5 meaqns, if father want to put aqn amount in his minoe son’s PPF A/c, then amount that he puts, i8s withing 1.5 lakh limit given for his own account. Only in adult’s account, each adult has seperate Rs.1.5 lakh in his/her account.
    Parents can deposit their own income in their children’s PPF Account, and get IT rebate, under 80C.

    (3) If second PPF account is opened in his/her own name by any person by mistake, then second account has to be closed, without any interest on the deposit made in it. Also, if Tax Rebate has availed on such account, then that has to be surrenderred, and applicable tax rebate availed on such deposit has to be paid in subsequent financial year, with due interest.
    If you so prefer, you can make appeal to Ministery of Finance, Govt. of India, and request to merge both PPF Accounts in to one account, which was older one. In such a case, combined deposit made in any financial year in two PPF Accounts, which exceeds allowable deposit (now it is 1.5 lakh, earlier it was 1 lakh, earlier to it, it was 70,000 etc.), then such excess deposit will be returned to PPF Account holder, without any interest.
    So far, unfortunately Ministry of Finance has not taken any such action on any PPF A/cs referred to it, this is a reality situation.

    (4) If any PPF account has to be closed, for any reason, then you can get the closing forms from any Bank, nearest to you (which is maintaining the PPF Account), and after filling it, you can sent it to your bank by registered AD post with your PPF Pass Book. with requisite postage affexed envelope, to get you the closing cheque and PPF Pass Book by Registered AD Post. It is not necessary to go to your bank yourself personally to get your PPF Account Clossed and get closing cheque.

    (5) PPF Account can be used as Tax Free Pension Account, after its first maturity, when it completes first 16 years of its existance. For example, if you have opened your PPF Account on 2.3.2002, that means you have opened it in financial year 2001-2002. Add 15 to it. 2016-2017, On 1.4.2017, you can withdraw 60% of the balance as on 31.3.2017, from this PPF Account. Do withdrawal, at 12% (that is, one fifth) every year. Only one withdrawal per year is allowed. You can continue this PPF Account for further block of five years, that is upto 2021-2022, by filling Form-H. During this five years, you can continue depositing Rs.1.5 lakh from the withdrawal made from this PPF Account every year, and rest of amount can be used as monthly pension by equally dividing the balance by twelve, and enjoy Rs.33,000/- per month tax free pension through out your life, by keeping PPF Corpus constant.

    This pension is more convenient than Insurance Company’s Pension Scheme, which is taxable, with 8% interest, and some times, after the death of the pensioner, corpus is not returned to his legatees.

    To know how this PPF pension works, kindly Email me on my Email ID: s.s1954@rediffmail.com

    Shirish S. Shanbhag, Mumbai-400089. Dated: 30.7.2014.

  56. vinod says:

    what is the time limit of deposit the 1,50,000/–in my ppf accont after the budget announce.

  57. Santosh says:

    hi sir,

    please let me know i a financial year how many times we can deposit and withdraw the amount.

  58. Garima says:

    I am not a minor. But, can my father get get deduction under this PPF scheme ; if he is the one, who deposits the sum into my PPF account.

  59. gaurav gheedia says:

    My uncle has a ppf a/c with sbi with me(major) and my brother(minor) as nominess, and now my uncle has expired so I want to know that how will I recieve the amount?? and I would also like to inform that the a/c has already matured(more than 15yrs old).

  60. krishna says:

    I have opened two PPF account in my name one from SBI & other from POST OFFICE..in the year 2006 till now continue…Sir my question is it legal or illegal ..Can I close one account if yes how can i close it..??????????

  61. mahesh maisuria says:

    Dear Sir,
    I am 59 and till date I have not opened PPF a/c. Now, I want to open PPF a/c. with monthly or quarterly or annually crediting the amount. Can I do so at my this age? Please guide through my email address mrmaisuria_25@yahoo.co.in. I expect for reply from your end.

  62. Srinath says:

    I had opened an account on March 27, 1989 and extended it twice. I was under the impression that it will mature on March 31, 2014 and I can close the same after that date. The Bank has informed that it will mature only on March 31, 2015 and I can close the same only after that date.

    Can you clarify me in this regard

  63. BHarat Mehta says:

    I have PPF A/c. My son is blind aged 33 In his name PPf a/c was opend at the his age was 15. Now he is matured. Can I Invest 1 lac in his A/c by gift to him for his future

  64. Rahul says:

    Can interest accumulated in PPF every year can be claimed for income tax rebate in section 80? because is invested in the same ppf account.
    Is it not an investment?
    /Rahul

  65. Deepak Wahal says:

    My Query is regarding redemption/surrender of PPF account after 7Years from date opening PPF Account. Let me know it is Possible to pay any penalty and withdraw our money which deposited during the 7 Years. ???? reason for withdrwal is Medical unfit want money for treatment.

  66. Pranav Kumar says:

    One PPF a/c is in my name and also I have made investment in PPF acount on my wife’s name. Can i claim both amount for exemption under Section 80 C. My wife(Housewife) is not employed any where and not claiming this for any tax exemption.

  67. prashant lokhande says:

    I have open a ppf a/c in 1991 it is matured on 2006 & i have extend it for next 10 years, now maturity is in 2016 but i want to withdrawal full amount and close the account is it possible

  68. vijaya says:

    I have opened two PPF accounts on behalf of my two minor children. Now one is 20 years old and another is 17 years old. By next year two ppf accounts will be matured. I want to know if I close their account next year, whether they can again open fresh accounts on their name ?

    Thanks and regards

  69. navin hooda says:

    could u pls clearify the minimum period of ppf account

  70. atchuth says:

    father and mother already Postal PPF account holders,his 2 childrens minor

    opening a new accounts interest exemption fully exempted please clarify

  71. atchuth says:

    father already PPF account Holder,his son minor open a new ppf account income tax exemption Interest 2 accounts totally expeted are correct

    please clarify

  72. KALPESH says:

    after 15 years completed i extended 5 years and the five years also completed
    how many min years i open the account

  73. dhananjay says:

    In one finacial year if i canot deposite minimum amount in ppf a/c then what happens

  74. Anand says:

    Hi,

    If I transfer my PPF account from one branch to another brach of the same Bank in the middle of the financial year, how does the interest be calculated? would it be effective from 1st April or from the date it got transferred to the new branch. Can you please clarify

  75. Alok Kuamr Gopal says:

    Please guide me about tax benefit on PPF account for 2013-14 financial year.

  76. Deepak says:

    I have opened PPF account last year and deposited entire amount in the month of March.How interest will be calculated on that amount?
    This year i have deposited amount in three parts.how much interest will i earn for 2yrs.

  77. kunal sadana says:

    Can i open PPF account online through ICICI. I have an account with that bank, and netbanking is enabled. If i deposit money after opening the account, how will i get the receipt to avail the tax benefit.

  78. Vijay Trimbak gokhale says:

    Can I withdraw funds from my Public Provident Fund (PPF) Account?

    Customer can make one withdrawal every year, from the 7th financial year, of an amount that does not exceed 50% of the balance of the customer credit at the end of the fourth year immediately preceding the year of withdrawal or the amount at the end of the preceding year, whichever is lower.

    Can I withdraw funds from my Public Provident Fund (PPF) Account?

    Anytime after the expiry of 5 years from the end of the financial year in which initial subscription was made, a subscriber may withdraw 50% of the balance to his credit at the end of 4th year immediately preceding the year of withdrawal or amount at the preceding year which ever is lower. However, not more than one withdrawal is permitted in one financial year.

    What is the correct position?

    One can withdraw from 6th FY or 7th FY from the end of the financial year in which initial subscription was made?

  79. U S SHARMA says:

    SIR I WANT TO PROCEDURE OF FINAL WITHDRAWAL OF PPF ACCOUNTS

  80. Anand says:

    Vimal – you can do 3rd party transfer by creating NEFT beneficiary in favor of PPF A/C. and then depositing money..

  81. Anand says:

    If I invest 50000.00 per annul in ppf account. What is the benifit after 15 Years.

  82. Sreenath says:

    Hi,

    I have made investment in PPF acount on my wife’s name. Can i claim this amount for exemption under Section 80 C. Also she is not employed any where and not claiming this for any tax exemption.

    Thanks,
    Sreenath

  83. t hussain says:

    what is the meaning of rate of interest compounded annually?

  84. MADHUBEN PATEL says:

    My husband PPF A/C in kolkata. He is expired but in nomination my name.I shifted to ahmedabad. I am senior citizen. I want to close account. what is the procedure or My health is not good so without going kolkata it is possible to close account.

  85. nisha says:

    Pls advise , PPF account will be texable from 2013 onwards .

    Thanks and Regards

  86. K N Pathak says:

    I have a PPF a/c renewed after 15 yrs maturity. Now I want to close it before the expiry of the extended period but after maturity. What should I do?

  87. subhashchandrapodder says:

    Good write up. keep it up.
    CA. Subhash Chandra Podder , FCA
    kolkata
    05/02/2013

  88. bandarurao venkat says:

    if amount transferred by wife to her husband Rs.50,000 in the name of ppf a/c, the transfer amount will be deducted either wife or husband ?

    answer was send to my mail

  89. praveen says:

    In question no 9 number of years given for withdrawl of fund is 7
    But in last question it is given as 5

    Which one is correct

  90. Niyaz Shaikh says:

    hi i was working with one company and i want to withdrawn my pf amount but the company was shut down so what is a procedure to claim the same please advice me..

  91. sanjay gupta says:

    can PPF account be forfeited by any circumstances or an immunity is there.

  92. koti says:

    Can husband and wife have separate PPF accounts

  93. praveen says:

    if payment of ppf Rs. 10000 deposit by wife to his husband account who will claim the ppf deduction.

  94. rugram says:

    In the write-up on maturity of a PPF a/c, ‘year’ refers to ‘financial year’ and not calendar year. For example, if a PPF a/c is opened on, say 1.5.2012, the maturity of the a/c would be 15 years after the end of financial year 2012-13 – i.e. it would mature for replayment on 1.4.2028, unless its duration is exended by filing the necessary extension form.

  95. Kochar Prakash says:

    A LADY BEFORE MARRIAGE WAS HAVING PPF ACCOUNT OPENED BY HER FATHER, AFTER HER MARRIAGE AGAION A ACCOUNT IS OPENED AT HER HUSBANDS RESIDENTIAL PLACE. PRESENTLY THERE ARE TWO ACCOUNTS IN NAME OF SAME LADY IN HER NAME BEFORE MARRIAGE AND AFTER MARRIAGE.
    WHAT IS REMEDY TO CLOSE ONE ACCOUNT ? WHAT WILL BE CONSEQUENCES FOR MAINTAINIG TWO ACCOUNTS?

  96. SUDHIN says:

    Can a parent contribute 1 Lakh each in his and minors account? or is the investment limited to a total of 1L.
    Thanking you,
    Sudhin

  97. DEVESH says:

    if payment of ppf Rs. 10000 deposit by wife to his husband account who will claim the ppf deduction.

    same if mother make payment in ppf in son a/c then who will claim ppf deduction.

    please clarify and add some other questions of same pattern.

  98. vimal sarda says:

    I have PPF A/c with SBI and I want to deposit PPF amount online banking through IDBI bank,so what is the procedure?

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