PPF Account: Public Provident Fund account maturity nearing? What's next? All you need to know

Public Provident Fund (PPF) is a small financial savings scheme with a lock-in duration of 15 years, from the day of beginning the account. In easy words, when you have have began out making an investment in PPF in April 2023, it'll mature in March 2038. But what can a PPF account holder do as soon as their account matures?

As in step with the PPF scheme policies, 2019, a PPF account holder could be left with three options as soon as the account matures:

(a) Take adulthood price through filing account closure shape at the side of passbook at worried Post Office

(b) Retain adulthood price in his/her account in addition with out deposit, the PPF hobby price could be relevant and price may be taken any time or can take 1 withdrawal in every FY.

(c) Extend his/her account for in addition block of five years and so on (inside one years of adulthood) through filing prescribed extension shape at worried Post Office.

Closing PPF account on adulthood

An account holder, as soon as their PPF account matures after 15 years, can pick out to shut the account and withdraw the investment. The PPF scheme policies 2019 mandate that the adulthood date of PPF account is after 15 years from the quit of the economic yr wherein preliminary subscription changed into made.

Retaining adulthood price with none clean deposit

The account holder also can pick out to hold with their PPF account and now no longer make any new deposits. The account may be persisted for any duration and it'll hold to earn hobby price relevant to the scheme.

PPF account extension with clean deposits

Other than the 2 alternatives stated above, a PPF account holder also can expand their account with clean investments. The account may be prolonged for a block of 5 years. In prolonged account with deposits, 1 withdrawal may be taken in every FY difficulty to most restrict 60 in step with cent of stability credit score on the time of adulthood withinside the block of five years.

It is really well worth pointing out right here that a discontinued PPF account can't be prolonged.

Small Savings Schemes Interest Rates

The Modi authorities on March 31 introduced an growth withinside the hobby charges on maximum small saving schemes for FY24 April-June quarter. The hobby charges for small financial savings schemes were hiked as much as 70 foundation factors or 0.7 in step with cent, with the most hike for NSC. The PPF hobby price has, however, been saved the identical at 7.1 in step with cent.PPF Account: Public Provident Fund account adulthood nearing? What`s next? All you want to know