Quick Answer: Can I Open Another PPF Account After 15 Years?

Can PPF account be reopened?

To reactivate a dormant PPF account, you have to visit the bank branch or post office where your account is held, and submit a written request.

For each financial year that your account has been dormant, a penalty of ₹ 50 is levied, which must be paid to initiate the reactivation process..

Can husband and wife both have PPF account?

First of all, both husband and wife may open PPF accounts in their name only if both of them have their own sources of income. So, a working husband cannot open a PPF account in the name of his wife.

How many times PPF can be withdrawn?

PPF account extension without contributions: You are allowed one withdrawal each financial year. There is no limit on the amount that you can withdraw though.

Can a person have 2 PPF accounts?

The PPF rules allow the same individual to open another account in the name of a minor but it does not allow to hold more than one PPF account in one’s own name. While only one PPF account is allowed to be opened in one’s name, there could be a possibility that one ends up holding multiple PPF accounts.

Which is best FD or PPF?

Both FDs and PPF offer tax benefits under Section 80C of the Income Tax Act, but PPF offers more benefits. For FDs, after 5 years of lock-in, the amount invested in FDs can be claimed for deduction up to a limit of ₹1.5 lakhs. … On the other hand, PPF falls under Exempt-Exempt-Exempt (EEE) status.

Which is best PPF or ssy?

In fact the SSY interest usually remains higher than the rate of interest of PPF. For example, currently the rate of interest on SSY is 8.4 per cent, while that of PPF is 7.9 per cent. On the other hand, most banks offer less than 7 per cent interest rates on long-term FDs.

How many times PPF can be renewed?

You can extend your Public Provident Fund (PPF) account on maturity after 15 years by a block period of five years with or without making further contributions. You can extend it by a block of five years at a time as many times as you want as there is no limit on the number of times you can extend your PPF account.

What happens to PPF account after 15 years?

After the completion of 15 years, the account holder has to intimate the post office within one year whether to continue with deposits or not. After a year, one will have to withdraw full balance or extend the account without fresh contributions.

How much amount can be withdrawn from PPF after 15 years?

PPF WithdrawalWithdrawalTimeAmountAfter the account maturesAfter 15 years from account openingEntire corpusPartial withdrawal of fundsAfter 5 years from account opening50% of the total available balancePremature closing of an accountAfter 5 years from account openingEntire amount

Is Sukanya samriddhi better than PPF?

For PPF, the minimum deposit limit is Rs. 500 and the maximum is Rs. 1,50,000. For Sukanya Samriddhi Account, the minimum deposit limit is Rs….Sukanya Samriddhi Account VS Public Provident Fund.ParametersPublic Provident FundSukanya Samriddhi AccountRate of Interest7.1% (Q3, Oct-Dec. 2020)7.6% (Q3, Oct-Dec. 2020)Entry Age15 YearsBirth8 more rows•Sep 1, 2020

Is Sukanya samriddhi maturity tax free?

The scheme comes with the exempt-exempt-exempt (EEE) status. This means that: Your investments towards Sukanya Samriddhi Yojana are eligible for tax deductions under Section 80C of the Income Tax Act. … You do not have to pay any taxes on maturity or withdrawal.

When can PPF be withdrawn?

15 yearsYou can withdraw from the PPF account after it matures 15 years from account opening. You can also make partial withdrawals, after the end of 6th financial year from account opening. Finally, you can go for premature closure after 5 financial years, on specific medical and educational grounds.

What is the age limit for PPF account?

Ankur Choudhary, Co-founder& CIO, Goalwise.com replies: There is no upper age limit for opening a PPF account. The lock-in, however, remains at 15 years irrespective of the age at which you open the account. On maturity, the account can be extended by blocks of 5 years any number of times.

What if I invest more than 1.5 lakhs in PPF?

The maximum limit of Rs 1.5 lakh implies that you cannot claim deduction on full amount when the sum of your total contribution in PPF account and other schemes allowed under Section 80 is more than Rs 1.5 lakh in a financial year.

Can I open both PPF and Sukanya samriddhi account?

You can open both Sukanya Samriddhi Account and PPF account for your minor child.