Government gave this facility to those depositing money in PPF, know what are the rules?

The PPF account matures in 15 years and after that it can be extended to five-five-year blocks and up to 15 years.

The government has simplified the rules for subscribers seeking extension of their PPF account. Due to the lockdown, the deadline for applications to be submitted for extending PPF account has been extended. With a grace period of one year, the PPF subscriber whose application was falling during the deadline lockdown will now be able to apply with the registered email ID by 31 July 2020. You can submit the original copy of the PPF extension form to the respective operating agency (through which your PPF account is being operated).

PPF accounts can be increased in five-five-year blocks after maturing in 15 years 

Also Read: UGC guidelines 2020: Hold final semester exams by end of September

The PPF account matures in 15 years and after that it can be extended to five-five-year blocks and up to 15 years. If you want, you can deposit money in it or not. Even then it will go on. Interest will continue to be paid on your account till the close of PPF account. If the PPF account holder wants to continue his account even after maturity, then he has to fill the H form within one year of maturity. But the new deposit deposited in PPF account will not come under deduction under Section 80C of Income Tax. If the PPF account holder does not close his account or does not submit this form, then no further money can be deposited in it. But interest will continue on the balance.

Meanwhile, the government has extended the date of depositing the money in PPF till 31 July 2020 to get tax deduction under Section 80C of Income Tax. However, up to one and a half lakh rupees can be deposited in PPF throughout the year. The government has also relaxed the rule to open account of Sukanya Samriddhi Yojana.

- Advertisement -DISCLAIMER
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com