PPF Query

HUF’S PPF A/C can not extend after 15 years but yes individual can extend PPF A/C after 15 years to next 5 years

As per Sec 9(3) of the PPF Scheme, at its maturity, the account can be continued for a block of 5 years. This facility is available for any number of blocks on expiry of each of the extended periods. The continuation can be with or without contribution. Once an account is continued without contributions for one year, the subscriber cannot change over to with-contributions extension. [Notification F.3(6)-PD/86 dt 20.8.86].

A subscriber, continuing his account with fresh subscripttions, can withdraw up to 60% of the balance to his credit at the commencement of each extended period in one or more installments, but only one per year.

On the other hand, in the case of account extended without contribution, withdrawals can be effected in installments, not exceeding one in a year. The balance will continue to earn interest till it is completely withdrawn.

No new account can be opened if the old one is in extended mode either with or without contributions [MOF (DEA) letter F.7/2/97-NS II dt 9.2.98].

Form-H is to be used to declare the intention of continuing the account with subscripttion for each extended period. It should be filed before the first contribution is made for the first year. In its absence, the account will be treated as without-subscripttion extension. Fresh contributions made to such accounts will enjoy neither the deduction u/s 80C nor the interest. [MoF (DEA) 7/21/88-NS-II dt 10.8.90]

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