What is PPF (Public Provident Fund)- An Overview By CA Sayan Ghosh
CA SAYAN GHOSH
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02 May 2020
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One can open an account for himself/herself or for a minor or a person of unsound mind of whom he is the guardian, by making an application through Form-1. -
A minimum of Rs.500/- and maximum of Rs. 1,50,000/- is allowed in a financial year. Maximum limit is inclusive of all the accounts including minor and dependants under the individual. -
Withdrawal from PPF account will only be allowed only after five years, with a change in the residency status of account holder as an additional ground for premature closure. -
Discontinued account can be revived during the maturity period by paying Rs.50/- along with arrears of minimum deposit of Rs. 500/- for each year of default. -
PPF account will not be liable to attachment under any order or decree of any court.
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