Categories: Business

Inactive PPF account, here is how to revive it | PPF account is closed, so act again, there will be no loss

Photo: BUSINESS TODAY

Inactive PPF account, here is how to revive it

new Delhi. The Public Provident Fund -PPF scheme was launched to accumulate small savings to provide better returns at the time of retirement. Up to 1.5 lakh rupees can be invested annually. Also, tax is also exempt from income tax section 80C. Its lock-in period is 15 years old. It is necessary to invest at least 500 rupees every financial year.

If you do not fill at least 500 rupees in a financial year, then your account will be deactivated. In this case, if your account is closed and you want to activate it again. So know its complete process:

First of all, where is your PPF account. In post office or bank, application has to be made in writing there. You can apply this application from the time of opening of account till 15 years.

Till the time your account was not active, you would have to deposit Rs 500 in a financial year. You have to deposit the money in bank or post office by check.

Banks or post offices also charge a penalty of Rs 50 to get their account revived. Whatever your outstanding balance is, you will have to pay a penalty along with filling it.

The bank or post office checks your application after submitting the application. If the deposit period is over 15 years, then this account cannot be activated again. On the other hand, if 15 years have not been completed, then it can be activated after paying the penalty.

This post was published on August 29, 2020 12:35 pm

Content Team

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