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Some of the subscribers of PPF (HUF) accounts had closed the accounts on maturity or thereafter between 13th May, 2005 to 7.12.2010 (before the issue of the aforesaid amendment). Some of such account holders, were not paid interest at PPF rates on the deposits retained beyond the maturity period (without further subscriptions). Those subscribers had been representing that interest at PPF rate may also be paid to them on the deposits that were retained in PPF accounts beyond maturity period. The matter has been examined in this Ministry and it has been decided that interest at PPF rate would be paid on those PPF (HUF) accounts, which had attained the maturity after 13.5.2005 but closed by the subscribers before 7.12.2010,subject to the conditions that the accounts had not been extended thereafter and the deposits were retained in such accounts without further subscriptions.
The Government today said that PPF accounts of Hindu Undivided Families (HUFs) which were closed down between May 2005 and December 7 last year would get 8 per cent interest on the deposits. The Finance Ministry has issued the clarification in view of the doubts raised with regard to payment of interest on Public Provident Fund (PPF) accounts held by the HUFs beyond the maturity period.
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
As per a recent circular issued by the government in respect of PPF provisions, following clarifications are worth noting. Deposit date in Cheque payments :-Till recently, in case of a PPF when a subscriber used to make deposits by local cheque or demand draft, the date of tender of cheque or draft at the accounting office was treated as the date of deposit of PPF, provided the said cheque was duly honoured on presentation for encashment.
