PPF: Five major changes made by the government to PPF, check details
By Lokmat English Desk | Published: May 9, 2022 07:09 PM2022-05-09T19:09:18+5:302022-05-09T19:09:18+5:30
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If you also have a PPF account, this is the news for you. The rules of all deposit schemes are changed by the government from time to time. These changes are often large. Now the government has made some major changes in the PPF scheme rules.
Your contribution to the PPF account should be in multiples of Rs. This amount was seen to be at least Rs.500 / - per annum. However, the amount deposited in the PF account should not exceed Rs. 1.5 lakhs for the whole year.
To open a PPF account, one has to submit Form-1 instead of Form-A. For extension of PPF account after 15 years, one has to apply for Form-4 instead of Form H one year ago for maturity.
You can continue your PPF account after 15 years without depositing money. It is not mandatory for you to deposit money in it. If you choose to expand your PPF account after maturity, you can withdraw money only once in a financial year.
If you are borrowing on PPF deposits, the interest rate has been reduced by two percent to one percent. You will have to repay the interest more than double after repaying the principal amount of the loan. Interest is calculated from the first of every month.
If you want to take a loan on a PPF account, you can take a loan only on 25% of the PPF balance available in the account up to two years before the date of application.