Has your PPF account expired?, Hurry to do this work and recover!
PPF Account Termination: Public Provident Fund (PPF) is a savings scheme provided by the central government. The scheme was launched by the central government to provide old age income security to self-employed persons and workers in the unorganized sector. PPF is one of the best savings instruments in India with low risk and good interest rates. People working in informal sector or unorganized sector as well as unemployed, self-employed people can invest in PPF account.
The maximum investment you can make in PPF is-
Taxpayers can claim tax deduction up to Rs 1,50,000 per year by investing in PPF. In this, a minimum investment of Rs 500 has to be made in a year. At the same time, no more than Rs 1,50,000 can be invested in it. The returns offered by PPF accounts are fixed and backed by a sovereign guarantee. Currently the interest rate is 7.1 percent.
Recover like this-
One of the most common problems faced by PPF account holders is their account getting terminated. There are many situations when customers come to know that their PPF account has been terminated. In this case, you can easily restart it through the application.
Account can be terminated in the following circumstances –
If the PPF account holder fails to contribute the minimum amount during the financial year from 1st April to 31st March, his account is closed. Along with this the account holder also loses the option of withdrawal facility. Also, in such a situation, the account holder cannot take a loan against his PPF money.