It is necessary to put 500 rupees in PPF account every year, although people are not able to put this minimum amount due to many reasons. Many times people are not able to put minimum amount in the account due to various reasons.
Every year a minimum of 500 rupees have to be added to a public provident fund (PPF) account only then the account remains operational. This has to be done for 15 years. Many times people are not able to put minimum amount in the account due to various reasons, due to which the account is closed. We are telling you how to restart the account.
To restart PPF account, you have to go to the bank or post office where it is open. You have to fill a form to reopen the account here.
After filling the form, you will have to pay arrears. This means that in the years you have not paid, you will have to make a minimum payment of 500 rupees for every year.
With this payment you will also have to pay a penalty of 50 rupees per year.
This is the loss of account closure. In
2016, the government gave permission to close the PPF account before maturity under certain conditions, by changing the rules. This can be done only after the account has run for five years. If your account is inactive, you will not get this facility unless it is re-activated.
After the third financial year, the loan can be taken on the balance in the PPF account till the end of the sixth financial year. Inactive PPF account also does not get this benefit.
Keep in mind that if the account holder wants to open a PPF account other than the closed PPF account, then he will not get permission because there is no such rule. No single person can have two PPF accounts.
