You can continue with the PPF account maturing in 15 years with some rules. Public Provident Account is opened in a bank or post office and its duration is 15 years but you can also extend it for the next five years. One option is that you can withdraw the entire amount with interest on maturity, but if you do not need PPF money at this time, then you can withdraw it at the right time or at the right time.
Public Provident Fund matures in 14 years but it is not necessary that you should close it. You can continue the same but for this you will have to inform your bank or post office about the account extension.
Can be extended in blocks of five years
Public Provident Account is opened in a bank or post office and its duration is 15 years but you can also extend it for the next five years. One option is that you can withdraw the entire amount with interest on maturity, but if you do not need PPF money at this time, then you can withdraw it at the right time or at the right time.
As much time as interest
If you extend your PPF account, then it will directly affect the interest on your deposit. The longer the time, the more interest you will get and your amount will increase. There is also a facility in the extension that it depends on your choice whether the extension continues with the contribution or without the contribution. But you have to give this information to the institution with your account ie bank or post office.
Some more important things are attached
If you do not give the extension within one year, then you cannot give new contribution again. Then you will get interest according to your balance till you withdraw the amount. You can also withdraw some money in a financial year. If you continue with the contribution then you will have to fill Form H for this and it is mandatory. Otherwise, you will be considered irregular and you will not get interest on your new contribution as well as you will not get tax deduction under 80C. If an account holder makes a contribution according to the new contribution rules, then he can withdraw up to 60% of his account balance in the first year of every five-year block.
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