Banks or post offices also levy a penalty of Rs 50 for reviving your account. Whatever amount you owe, you will have to pay penalty along with filling it.
New Delhi. The Public Provident Fund (PPF) scheme was started for accumulating small savings, so as to get better returns at the time of retirement. In this, a maximum of 1.5 lakh rupees can be invested annually. Along with this, tax exemption is also available under Income Tax Section 80C. Its lock-in period is 15 years. It is necessary to invest at least Rs 500 in this every financial year.
If you are not able to pay at least Rs 500 in a financial year, your account will be deactivated . In such a situation, if your account has been closed and you want to activate it again. So know its complete process:
First of all, where you have your PPF account. In the post office or bank, application has to be made in writing there. You can give this application for 15 years from the date of account opening.
Till the time your account was not active, for that time money will have to be deposited at the rate of 500 rupees in a financial year. You have to deposit this money through check in bank or post office.
Banks or post offices also levy a penalty of Rs 50 for reviving your account. Whatever amount you owe, you will have to pay penalty along with filling it.
After submitting the application, the bank or post office checks your application. If the period of deposit has completed 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.
