Public Provident Fund (PPF) is a very popular small savings scheme. It is a risk-free and assured return investment option. For those who prefer to invest in low risk schemes, this is a good option. It is a government-backed investment scheme. Customers can open PPF account by going to any post office or bank.
Many times it happens that investors suddenly find that their PPF account has expired. This is one of the most commonly encountered problems. This is a matter of concern. You should get it renewed through an application in the relevant form. Let us know in which case your PPF account expires.
If there is no minimum investment of Rs 500 in your PPF account in a financial year, then your account will expire. In this case, the withdrawal facility for the account holder ceases. Also, account holders cannot take loans on their PPF money. This can prove to be a major setback for the account holder in the event of a financial emergency.
Renew like this
Expired accounts can be renewed by the account holder till the maturity of the account. For this, he has to deposit a default fee of Rs 50 for each default year with a minimum subscription amount of Rs 500.
Keep these things in mind too
The minimum deposit amount in a PPF account in a financial year is Rs 500 and the maximum deposit amount is Rs 1.50 lakh. The maximum limit of Rs 1.50 lakh is inclusive of the amount deposited in both own account and PPF account opened for minor. The amount can be deposited in PPF account in multiples of Rs 50 in any installment in a financial year. PPF account can be opened with both cash or check.
