PPF Account: If the period of PPF account is extended for 5 years on your application, then you will have to deposit at least 500 rupees annually every year.
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PPF Account Extension Rules: If you do not do a job but want to invest in a PF account, then PPF can be a great investment option for you. This scheme (PPF Scheme) under you bank or post office (post office) Account can be opened anywhere. Under this scheme, you can get strong returns in future by investing your money for 15 years. Under this scheme, you get 7.1 percent interest on an annual basis. People get strong returns through this scheme. In such a situation, this is a very good scheme for you.
Under the PPF scheme, you can invest money for 15 years at a time. After this, if you want, you can extend the scheme according to your need. With this scheme, you can extend the account for at least 5 years. In this you get the first option that you can further extend the account for 5-5 years with contribution.
If the period of PPF account is extended for 5 years on your application, then you will have to deposit at least Rs 500 annually every year. If you do not deposit this minimum amount then your account will be closed. To start it again, you will have to pay a penalty of Rs 50 per year.
Application will have to be given to extend
On the other hand, in the second option, you can proceed the account even without putting money. If you want to extend the account with contribution, then you have to give an application to the bank or post office. You will have to give this application within 1 year from the date of maturity. After this, you can continue investing further by giving your contribution.
Interest will continue to be received without contribution
If you do not withdraw money from your account and do not submit any form for extension of the account, then the money deposited in your account continues to earn interest automatically. There is no new contribution of yours in this. That means you will continue to get interest without any contribution.
Tax exemption also remains applicable
Whatever amount is deposited in your PPF account, you get interest on it according to the calculation of PPF and tax exemption is also applicable. Apart from this, you can withdraw any amount of money from this account anytime. If you want, you can also withdraw the entire money. In this, you get the facility of FD and savings account.
English News Headline : PPF Account Extension Rules Benefits and Penalty Details in Hindi.
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