Public Provident Fund (PPF) is one of the most popular investments in India. One can invest in PPF for a tenure of 15 years. The depositor has to deposit a minimum of Rs 500 in the financial year to keep the account current. The account becomes inactive if it is not submitted on time. Actually, due to the central government’s scheme, it gives guaranteed returns. Which is higher than the returns on other low risk products. In PPF, an investor can invest up to Rs 1.50 lakh in his account. If a person’s PPF account has become inactive, he can restart it.
When can a PPF account be inactive?
PPF account is considered ‘inactive’ if the minimum amount is not deposited Rs 500 in every financial year. If the account becomes inactive then know how to start it.
Submit written application
In order to resume a dormant PPF account, the account holder has to submit a written request to the bank or post office branch where you have opened the account. Applications can be made at any time during the 15-year period of the account.
Minimum deposit with fine
The investor will have to deposit a minimum of Rs 500 for each financial year in case the account becomes inactive. Along with this, a penalty of Rs 50 will have to be paid for each financial year in which the account was inactive. The check has to be submitted to the bank branch along with the application.
Process
After submitting your application, your bank or post office will check the application to see if the 15-year period has passed. On successful verification your PPF account will be started. However, if the 15-year tenure has expired, the account cannot be resumed.
Also Read: EPFO: To know the balance of your PF, then send an SMS immediately to know
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