The following are some of the important points in PPF Accounts :
Ø A customer can have only one PPF account.
Ø Joint holders for a PPF account is not
allowed.
Ø A maximum of twelve deposit and one
withdrawal transactions are allowed in a financial year.
Terms
|
Description
|
|
1
|
Deposits
|
The Minimum amount to be
deposited at the time opening the account is Rs.5/-and multiples of Rs.5/-.
The customer has to deposit a minimum amount is Rs.500 and the maximum
amount is Rs.150000 at the end of the Financial year.
|
2
|
Withdrawals
|
Partial amount could be
withdrawn from the account after the completion of fifth Financial years,
the balance at the credit at the end of the 4th year immediately preceding
the year in which the 50% of the amount can be withdrawn
|
3
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Discontinued account
|
An account
is discontinued where the minimum deposit of Rs.500/- is not received by the
end of the 2nd Financial Year and onward. Discontinued account
can be revived any time by paying minimum amount of Rs.500/-for the present
FY and the arrears of the previous FY with prescribed default fee. If
minimum amount of Rs.500/- is not deposited in the 1st Financial Year,
the account cannot be revived and the account become invalid has to be
closed by refunding the balance in the account without interest to the
customer.
|
4
|
Extension
|
A matured PPF account can
be extended for another five years within one year of maturity.
|
5
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HUF
|
Hindu Undivided Family.
Such customers are not allowed to open PPF. However, accounts already opened
prior to 13.5.2005 and not yet matured can continue till maturity and cannot
be extended further.
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