Question: Can I Open Another PPF Account After 15 Years?

Can we transfer more than 1.5 lakh in PPF account?

You are allowed to make only 12 transactions in a calendar year and the maximum amount you can deposit in your PPF account cannot exceed 1.5 Lakh in a year.

PPF account has a lock-in period of 15 years..

Can PPF account be reopened?

To reactivate a dormant PPF account, you have to visit the bank branch or post office where your account is held, and submit a written request. For each financial year that your account has been dormant, a penalty of ₹ 50 is levied, which must be paid to initiate the reactivation process.

Can PPF be extended after 20 years?

PPF accounts mature in 15 years and they can be extended beyond 15 years in blocks of five years. … The government has allowed PPF subscribers to make deposits till 31st July in their accounts for FY 2019-20 subject to the condition of maximum deposit ceiling of ₹1.5 lakh.

What happens after 15 years of PPF account?

After the completion of 15 years, the account holder has to intimate the post office within one year whether to continue with deposits or not. After a year, one will have to withdraw full balance or extend the account without fresh contributions.

Is Sukanya samriddhi better than PPF?

Therefore, any contributions made in these schemes are safe and secure. While the Sukanya Samriddhi Yojana aims to secure the future of a girl child, the PPF is a scheme that allows investors to earn tax-free interest.

Which PPF account is best?

SBI PPF Account. SBI PPF is a government-regulated PPF account scheme, which is distributed through SBI branches.SBI PPF deposits allow a maximum limit of ₹ 1.50 Lakh per annum, for a maximum tenure of 15 years. … ICICI PPF Account. … HDFC Bank PPF Account. … India Post Office PPF Account.

What is current PPF interest rate?

7.9%As of now the current PPF interest rate for July- September 2019 is 7.9% which is compounded annually. Before this, the interest rate was 8% for April-June 2019. The PPF interest rate is set every year by the ministry of finance and is paid each year on 31st March.

Can I transfer my PPF account to another bank?

You can invest in PPF through banks and the post office. … Both bank and post office PPF account holders can transfer their accounts from one bank to another, or from one post office branch to another or bank.

Can a person have 2 PPF accounts?

“PPF rules are very clear that one can’t open more than one account if someone still opens a second account, he or she will not be eligible for any interest on invested amount,” said Rajan Pathak, Mumbai-based independent financial advisor. “The second account will have to be closed down.

How much I will get in PPF after 15 years?

PPF Calculation for investment periods of:Investment PeriodTotal PPF InvestmentTotal Interest Earned15 yearsRs. 1.5 lakhRs. 1.4 lakh20 yearsRs. 2 lakhRs. 2.88 lakh30 yearsRs. 3 lakhRs. 9 lakhOct 8, 2020

Can husband deposit in wife PPF?

Yes, your wife can have a PPF account in her name and you can invest Rs 1.5 lakh on her behalf (apart from the Rs 1.5 lakh that you invest in your own PPF account). Under the income tax laws, income from money given to a spouse is clubbed with the income of the giver.

Can PPF be extended after 25 years?

You have the option of extending your PPF account after it matures. You can extend it indefinitely in a block of five years. During the extended period, you don’t necessarily have to make fresh deposits and you can even make partial withdrawals, however, there are rules governing the same.