Frequently Asked Questions about Public Provident Fund

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Here are all the answers to your common queries regarding the popular tax saving scheme, Public Provident Fund (PPF).

Can I maintain more than one PPF account under my name?
No. One can open only one PPF account except for an account under the name of minor.

Is there any age limit to enter the scheme?
No. Any resident Indian individuals can open their PPF account in any age.

What are the documents required for opening PPF?
Here is the list of documents:
  • PPF account opening form
  • Nomination form
  • Passport size photograph
  • Copy of PAN card/ Form 60-61
  • ID proof and Residence proof

What is the lock-in period?
PPF comes with lock-in period of 15 years but partial withdrawals are also allowed.

What is the limit of subscription to PPF account?
An individual needs of deposit minimum of Rs. 500 and not more than Rs. 150000 in a financial year. The ceiling on deposits in a financial year is both for individual self account and account opened on behalf of minor where he is the guardian. You can choose to make lump sum amount or small contributions that should not exceed 12 in a financial year.

What is the Penalty for non-deposit in a financial year?
A penalty of Rs. 50 is levied for every year of default when customer has not deposited minimum of Rs. 500 in a financial year.

Can I renew my account after 15 years?
Yes. You can renew it for one or more block periods of 5 years. You only need to fill Form H within 
one year from maturity.

Is the amount taxable?
No. No TDS is deducted on maturity as the interest earned is completely exempt from tax.

Can minors open a PPF account?
Yes. You can read complete details here.

Can I close PPF account before maturity?
No, premature withdraw is allowed for PPF accounts. Only in case of death of customer, their nominee or legal heir can close the account by submitting the required documents.

Can I avail Loan facility on my PPF investment?
Customer can avail loan facility between third financial year up to end of sixth financial year.

Can I open PPF account in Joint Name?
No. Joint account is not permissible.

Can I transfer my PPF account?
Yes, PPF account is transferrable from one Post office to another and from Post Office to Bank and from Bank to Post Office.

Can HUF open PPF account?
No. HUF cannot subscribe to PPF scheme.

If I have missed out anything, do let me know in the comments.

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