Do You Have an Inactive PPF Account? Here is a Step-by-step Information to Revive it

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Public Provident Fund, an instrument which goals to mobilize small financial savings by providing affordable returns, is likely one of the highest-yielding small saving schemes after the Staff’ Provident Fund. Whereas the EPF is accessible to salaried individuals, the central government-run PPF will be availed by all incomes people.

PPF investments have a tenure of 15 years and deposits as much as Rs 1.50 lakh are exempted from tax deductions beneath part 80C of the Revenue Tax Act, 1961. A deposit of minimal Rs 500 in a monetary 12 months is required to maintain the PPF account lively.

If a PPF account is deactivated for some motive, principally for failing to make the yearly deposit, it may be reactivated following just a few easy steps.

Right here’s how one can reactivate you PPF account:

1. The account holder must write an utility and submit related paperwork to the ability – a financial institution or the publish workplace – the place the account was opened, requesting the designated authority to reactivate the precise PPF account.

2. Account holders must deposit the cash and penalties for the delay in funds, if any, for the interval the account remained inactive normally by way of a cheque.

3. The financial institution or the post-office will then scrutinize the request and on profitable verification will reinstate it.

4. The request will be made any time through the 15-year lifetime of the PPF account.

A PPF account can’t be revived after the 15-year interval has elapsed. In that case, the quantity already deposited will mature on completion of the time interval and the account holder can get that cash by paying the penalty imposed, which is Rs 50 for every monetary 12 months the account remained inactive.

Extra details about opening a PPF account will be accessed here.

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