Ppf query

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Hi I opened a PPF account in 2000 which as per law matured in 2015 after 15 years. My query is regarding PPF and is as follows: Now in FY 2015-16 the account is matured and there is an option to withdraw the entire or part of the amount or pay a minimum Rs 500 to lock it for another 5 years. However I made no contribution in 2015-16 as I was planning to buy a house and needed the entire sum.But due to certain reasons I may not need to withdraw the money as of now.As it may materilize in 2016-17 I plan not to make any contribution in 2016-17 to my PPF account so as to keep the funds handy as if I make a contribution 40% would be again locked for 5 years. Hence as per PPF rule if I do not make a contribution 1 year after maturity the same is considered to be a PPF account without contribution. Now if I decide to continue my PPF account by paying an X amount in 2017-18 will the PPF accept the same as with contribution considering that I made no contribution post maturity for 2 years. If so will there be a penalty and to what extent. Please clarify.
Replies (3)
Contribute the minimum amount p.a which is very less so that your account is working. You can extend the ppf account by another 5 years. And from 2017-18 you can deposit whatever X amount you wish to.
Dear Mr.Doshi Thank you for your response. However I would request you to read my query as I already know what you have stated. My query is very different.
I am unaware of the consequences. Apology for incorrect reply. Regards Raj


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