If you also have a PPF account, then this news is of your use. The rules of all deposit schemes are changed from time to time by the government.Â
These changes are sometimes big and sometimes minor. There were many changes in the Sukanya Samriddhi Yojana (SSY) in the last days.
Your contribution to PPF account should be in multiples of Rs 50. This amount should be a minimum of Rs 500 or more in a year. But the amount deposited in the PPF account should not exceed 1.5 lakh rupees in a whole year. Apart from this, now you can deposit money in PPF account only once in a month.
To open a PPF account, instead of Form A, Form-1 has to be submitted. For extension of PPF account after 15 years (with deposits) one year before maturity, one has to apply in Form-4 instead of Form H.
You can continue your PPF account after 15 years even without depositing money. There is no obligation on you to deposit money in this. After maturity, if you are opting to extend the PPF account, then you can withdraw money only once in a financial year.
If you take a loan on the amount deposited in PPF, then the interest rate has been reduced from two percent to one percent. After paying the principal amount of the loan, you will have to pay the interest in more than two installments. Interest is calculated from the 1st of every month.
If you want to take a loan against PPF account, then when two years before the date of application, you can take loan only on 25 percent of the available PPF balance in the account. For example you applied on 31st March 2022. Two years before this date i.e. on March 31, 2019, if you had Rs 1 lakh in your PPF account, then you can get 25 percent loan.
