Frequently Asked Questions About PPF. Here on this page we have a collection of frequently asked questions by the candidates regarding the PPF. If you are also having any queries about the account ,you can also visit this page to sort out your queries.
Collection Of Some Questions Frequently Asked By The Peoples
-Can the PPF account be closed before the maturity period ?
No, the PPF account can not be closed before the maturity period ,it can be done only in the case of death of the account holder ,then the nominee of the account can close the account by depositing some documents required.
-Can the money be withdrawn from account before the maturity period ?
Yes, the amount of the PPF can be withdrawn before the maturity period and after the time period of 5 years of date of subscription.You will have to apply the form C and you can withdraw your money.The amount you are going to withdraw must not exceed the 50 % of the credit in the account.
-Can This Account Be Opened By The Hindu Undivided Family ?
No there is no such rule for the HUFs to open the account of PPF .Earlier their was a such type of provision available to open an account by the HUF but later it was terminated.
-Which documents will I need while opening an PPf account ?
Below are the mentioned documents which you will need while openenig your PPF account:-
-A completely and correctly filled application form
-A passport size photo
-Copy of PAN card
-Proof of residence ,voter ID,electricity bill .
-I want to open an account in bank branch,can you please tell me the procedure to open the account ?
To open the account in any branch of any bank you will need to apply for that by filling a form A and submit it to the nearest bank of any branch.And further details and steps may vary with the bank you are dealing with.You will be guided further by your bank
-Can the account opened in the bank branch be operated through net banking ?
If the bank you are dealing with provides the facility of net banking then you can operate your account through net banking,and if your bank doesn’t provide such options then it will not be possible to operate the account through the net banking
-Can a single person own two PPF accounts ?
No a person can not own two PPF accounts except some cases such as opening an account for the minor on the name of guardian.
-What eligibility criteria will a person have to meet to open an PPF account ?
The person who is opening an account must have an residence of India .A single person can maintain a single account.Only farther or mother can open an account on the behalf on minor ,grandmother or grandfather can’t open an account on the behalf of minors like grandchild.
-What is the maximum and minimum amount to be maintained in the PPF account ?
The minimum amount of Rs 500/- and the maximum amount of Rs 1,50000/- per year is necessary to be maintained in the account by the candidate.
-What are the interest rates provided under the Public Provident Funds ?
The interest rate fixed by the government of India to be given to the PPF account holders is 8.1% which is on the basis of compounding yearly.
-Can I take a loan from the PPF account ?
Yes you can take a loan from your account after the period of six financial years from the date of commencement.You can take a loan of maximum 50 % of the amount in your Account.
-Can the PPF account be opened in the name of a minor i.e son or daughter ?
Yes the parents can open the PPF account on the behalf o their children i.e son or daughter.Only the father or the mother can open the account ,parents can not open the account jointly on the behalf of minor.in the case the minor doesn’t have father or mother then the grandparents can open the account on the behalf of minor candidate.
-Can the money be withdrawn before the maturity period of the Account ?
Yes the money can be withdrawn from the 7th financial year on wards .
-Why is a PPF account better then other saving options ?
There are man reasons that make this method of saving much better then others.The main reason is that it is only method of saving on which the tax is exempted by the government of India.It also has a good return rate which is much more then provided by the banks. So these reasons are enough to make this investment much better then others.
-Can I close the account before the maturity period ?
No the account can not be closed before the maturity period ,except in the case of the death of candidate.In the case of death of candidate the nominee can close the account and withdraw the money of the account
-What is the maturity period for the PPF account ?
The maturity period of the Public provident Fund is 15 years.
-What are the schemes to prolong the maturity period of the PPF account ?
The original maturity period of the scheme is of 15 years but the candidate can prolong the period in three modes given below:-
-Candidate can withdraw the amount of the account completely after the maturity period
-Candidate can continue with depositing the money
-candidate can continue with account without depositing the money
NOTE:-The candidate can continue the modes in the blocks of 1 year and 5 years only.
-Which form will I have to submit to expand the tenure of the account ?
You will have to submit the Form H after the maturity of the account and the form have to be submitted within one year of date of maturity.
-In the case the minor doesn’t have parents can his/her grandparents open the an PPF account on the behalf of minor ?
Yes,the grandparents can open an account on the behalf the minor but it is only in the case when the minor doesn’t have parents.Other wise the grandparents can not open an account on the behalf of the minor