What is PPF (Public Provident Fund)- An Overview By CA Sayan Ghosh

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. PPF account will not be liable to attachment under any order or decree of any court.

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