Public Provident Fund (PPF)

Public Provident Fund (PPF)


Main Highlights:


• The scheme is valid for 15 years. Extension of the Scheme for 5 years at any time
• The Quarterly Interest Rate for Public Provident Fund is Fixed by the Government of India
• A guardian can open an account for a minor or individual.
• A joint account is not allowed.
• HUF and NRI are not eligible to open the PPF A/c.
• Minimum deposit in each financial year is 500, maximum Rs. A financial year, 1,50,000
• Deposits can be made in one lump sum or in instalments.
• A minimum deposit of Rs. 50 is required to activate the discontinued account. 500/- and Rs.50// for each FY that is not met.
• Deposits shall not exceed Rs.100/- with a minimum of Rs.500/
• For a limit of Rs.1,50,000/, the deposit in a minor account can be combined with that of the Guardian account.
• The initial deposit amount required for opening a PPF account is mandatory.
• There is a nomination facility.
• Nomination is required for account opening
• The maximum number of nominees for PPF account is now 4.
• A Court cannot attach PPF.
• If the PPF account is not terminated after maturity, you can withdraw one per year for any amount remaining in the balance.
• If there is a request for higher education for dependent children, in addition to the minor depositor and self, pre-mature closure of PPF accounts
• PPF account pre-mature closure if there is a change of residency status.
• The lock-in period is 15 years. After the maturity period, money can be withdrawn completely. Pre-mature withdrawals are allowed beginning at the end of the sixth year following the date the account was opened. Maximum amount pre-maturely can be taken is 50% of the balance at the end the 4th year prior to the year in question or the end the preceding year, whichever is less.
• Public Provident fund Scheme 2019 provides a loan facility against PPF deposits from the 3rd through 6th years of deposit up to 25% of the amount as at the close of the last financial fiscal year. The loan can be repaid in 36 months.
• Subscribers are allowed to close their accounts early. (GoI notification 12th December 2019, 2019)
• Account holder upon death of account holder can no longer continue the account but account must be closed
• Account holders can keep the account for as long as they wish after maturity, without having to make any additional deposits. The account balance will continue to earn interest at the normal rate allowed on PPF accounts until the account is closed.
• Transferable account from one Post office or Bank to another. Deposits in PPF are eligible for a rebate under section 80C. Interest on deposits is exempt from tax.
• Account opening is now possible only with PAN (or Form 60).
• Bank branches across the country can be opened.
• Further clarification is provided in Government notification G.S.R. 916 (E), dated 12 December 2019.


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NOTE: As this is a Govt. of India scheme, customers are advised to visit National Savings Institute website for latest instructions/ modification in the scheme.

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