Public Provident Fund (PPF): Overview

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PPF: Basics

• What is a Public Provident Fund?
  
The Public Provident Fund (PPF) Scheme is a statutory scheme of the Indian Government under the provisions of the Public Provident Fund Act, 1968. ......
• Who can open a PPF account?
  
Any individual can open a PPF account, either for himself/herself or on behalf of a minor. ......
• Can two adults open joint PPF account?
  
No, two adults cannot open a joint PPF account. An account has to be opened singly with one or more nominations. ......
• What is the process of PPF account transfer from a bank to a post office?
  
Read to know the process of PPF account transfer from a bank to a post office ......

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PPF: Basics

• Who can open a PPF account?
  
Any individual can open a PPF account, either for himself/herself or on behalf of a minor. ......
• Where can I open a PPF account?
  
You can open a PPF account at any branch of the State Bank of India, its associated banks or with some other nationalized banks or head post office, selected grade post offices, or a GPO. ......
• Can an individual have more than one PPF account?
  
No, an individual cannot have two PPF accounts in their name at the same time. ......
• Can an Non Resident Indian (NRI) open a Public Provident Fund (PPF) account?
  
NRI cannot open a PPF account ......
• What is the process of PPF account transfer from a bank to a post office?
  
Read to know the process of PPF account transfer from a bank to a post office ......

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PPF: Did you Know

• What happens to a PPF account in event of the depositor's death? If a PPF account holder dies and there is no nomination, who gets the deposited amount?
  
If the amount is up to Rs. 1 lakh, the accounts office will pay it to the legal heirs of the deceased on receipt of application in prescribed form. ......
• For how many years can a PPF account be extended beyond its initial 15 years of operation?
  
After the PPF account has been in operation for 15 years, it can be extended for five years at a time. ......
• Can a PPF account be allowed to continue if the total deposit in a financial year falls short of the minimum of Rs.500 or should it be closed without interest?
  
If a subscriber does not subscribe Rs. 500 in the first year, subscriptions paid by him/her will be refunded to him without interest. ......
• Is there any fee for cancellation or variation of nomination for PPF accounts?
  
No, there is no fee for cancellation or variation of nomination. Rule 12 of the Public Provident Fund (PPF) scheme has no provision for any such fee. ......

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PPF: Did you Know

• Do I have to contribute every year to my PPF account?
  
Yes. Your account will be defunct if you do not deposit the required minimum of Rs. 500 a year. ......
• What happens to a PPF account in event of the depositor's death? If a PPF account holder dies and there is no nomination, who gets the deposited amount?
  
If the amount is up to Rs. 1 lakh, the accounts office will pay it to the legal heirs of the deceased on receipt of application in prescribed form. ......
• For how many years can a PPF account be extended beyond its initial 15 years of operation?
  
After the PPF account has been in operation for 15 years, it can be extended for five years at a time. ......
• Can a PPF account be transferred from one branch of a bank to another branch, or one post office to another post office? What is the process?
  
Yes, a PPF account can be transferred from one branch of a bank to another branch, or from one post office to another. ......

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