To activate the in-active PPF account again, one has to go to the bank or post office branch where this account has been opened. It can be activated by filling the form here.
The most popular among long-term investment instruments is PPF ie Public Provident Fund. One and a half lakh rupees can be deposited in this year. It gets tax rebate under 80C. There is no tax on interest. The amount received on maturity is also not covered by tax. But PPF account becomes inactive by not giving monthly contribution to it. However the closed account can be reactivated.
Can not open two accounts
You can activate the in-active account only. Cannot open another account while keeping this account. If your PPF account is also activated, then make it active immediately. It is as easy as that.
How to activate PPF account
To activate the in-active PPF account again, one has to go to the bank or post office branch where this account has been opened. It can be activated by filling the form here. Arrears have to be paid for every year. This minimum payment is 500 rupees. However, a penalty of Rs 50 will also have to be paid every year. If you assume that the account is inactive for five years, then you have to pay Rs 2250.
The lock-in period of PPF is 15 years. Can’t withdraw money from 15 years ago. However, under certain circumstances, some portions may be removed earlier. PPF account cannot be seized to recover debt from a person. The court also cannot ask the amount of PPF account to pay the debt. Partial payments may be made during the first 15 years of the account with certain conditions from the seventh year.
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