What is the minimum amount required to open a PPF account?
An individual can open account with Rs. 100.
I am a government employee, Can I open PPF account as I have already GPF account?
Yes, a government employee is also eligible for opening a PPF account.
Can I use my credit card to open PPF account?
No you can not. Account can be opened by cash/cheque and In case of cheque, the date of realization of cheque in Govt. account shall be date of opening of account.
I am 45 years old now. Can I open a PPF account?
Yes you can open a PPF account. No age is prescribed for opening a PPF account.
I am working with a private where I have EPF account. Can I open PPF Account?
Yes employees of private company having EPF subscription can also open PPF account.
I am a student. Can I open PPF account?
Yes students can also open PPF account. If you are a minor then your parents can open PPF account on the behalf of you.
I want to open joint PPF account with my wife. Is it possible?
No. Joint account can not be opened.
Can I open another PPF account?
You can open another account in the name of minors but subject to maximum investment limit by adding balance in all accounts.
Can I open a PPF account for my minor grand son?
The grand father/mother cannot open a PPF account on behalf of their minor grand son/daughter.
Where I can open PPF account?
PPF account can be opened at any authorized PSU Bank, Private Bank or Post Office.
I would like to nominate my mother along with my wife for my PPF account. Is this possible?
Yes you can nominate you mother as well. PPF allows more than one person nomination facility.
Who decides the PPF interest rate?
Public Provident Fund Interest Rate is fixed by the Ministry of Finance, Government of India, annually.
What is the current PPF interest rate?
At present (for period of April 1st 2015 – March 31st 2016) it is 8.7% compounded.
What is the minimum lock-in period of PPF scheme?
Maturity period is 15 years but the same can be extended within one year of maturity for further 5 years and so on.
Is premature closer allowed?
Premature closure is not allowed before 15 years.
What is the minimum and maximum investment limit for PPF?
The minimum deposit is Rs. 500 and maximum is Rs. 1,50,000 in a financial year.
What if I invest more than 1.5 lac in a financial year?
If you deposit more than 1.5 lac per annum in your PPF account as the excess amount will neither earn any interest nor will be eligible for rebate under Income Tax Act.
Can I invest/deposit in installment?
The deposit can be in lump-sum or in convenient installments, not more than 12 installments in a year or two installments in a month subject to total deposit of Rs.1,50,000/- per financial year.
What is the best time for deposit in the PPF account?
The best time for deposit in the PPF account is between 1st to 5th of the month. Interest is calculated on the balance between 5th and last day of the month.
Is there any income tax benefit of PPF investment?
Yes, PPF investment qualify for deduction from income under Sec. 80C of IT Act. Interest income on PPF investment and maturity amount are also income tax free. In this way its EEE product.
How to activate discontinued PPF account?
The discontinued account can be activated by payment of minimum deposit of Rs. 500 with default fee of Rs. 50 for each defaulted year.
My life partner is no more. Can I continue his/her PPF account?
Nominee/legal heir of PPF Account holder on death of the account holder can not continue the account, but account has to be closed.
I have opened my PPF account when I was 25 years old. Now I am 40 years old. Can I extend my PPF account?
Congrats you have opened your PPF account at early age. Yes you have an option to extend the PPF account for any period in a block of 5 years on each time.
My PPF account is mature. I dont need money for next 10 years as I am 50 years old and working. Can I retain my PPF account without any further investment?
Yes you can retain the account after maturity for any period without making any further deposits. The balance in the account will continue to earn interest at normal rate as admissible on PPF account till the account is closed.
My PPF account is 15 years old. I have extended/retained it for 15 more years. Can I withdraw money from my PPF account?
Yes, you can. One withdrawal in each financial year is also admissible in such
account held beyond 15 years subject to a ceiling of 60% of the balance at the end of the 15 year term.
Can I transfer my PPF account from bank to post office?
Yes you can transfer your PPF account from bank to post office, post office to bank, one bank to another bank and as well as within the bank to any branch.