Comments on: All about Public Provident Fund Scheme (PPF)

By: c.p.saigal

c.p.saigal — Sat, 26 May 2012 05:40:33 +0000

dear sir.
I have PPF account in state bank of India since 1983, extended it upto 2013.Can I extend
it for another 5 years.being senior I want to know better invest scheme.

By: mahender

mahender — Sun, 13 May 2012 06:26:31 +0000

Hi,

I have a PPF a/c with PNB at my home town but I stay in other city. My PPF a/c does not have online transfer facility. I hardly visit my hometown once in a year and find it very difficult to deposit money in PPF because of tight schedule during my visit to hometown and long line of depositors in PNB. My source of income is through ICICI bank. In view of this is it advisable to open an a/c with ICICI on my minor son’s name and deposite most of the annual contribution deposited in that a/c. I hope I can get tax benifin on total of 1 lac only. But can I get interest income on diposits of both a/c upto the limit of 2 lacs altogether. Also I am sick of that PNB a/c because it does not allow online trasfer of funds over nad above public sector bank employees are very rude in dealing. Can you please suggest me better options. Also kindly confirm if my understanding about whatever I have written here is correct.

By: HEM RAJ

HEM RAJ — Tue, 08 May 2012 08:56:49 +0000

SIR, PLEASE WOULD YOU TELL ME THE PROCEDURE AND REQUIRED DOCUMENT FOR CHANGE OF NAME IN PPF ACCOUNT

By: maria

maria — Thu, 26 Apr 2012 15:00:33 +0000

i have an a/c of ppf my amount is rs 160000 after 14 years how much will i get

By: PRAMOD KUMAR SAXENA

PRAMOD KUMAR SAXENA — Tue, 03 Apr 2012 09:37:42 +0000

MY PPF ACCOUNT HAS MATURED AND I HAVE NOT DEPOSITED ANY AMOUNT IN THE LAST TWO YEARS. ONLY I AM GETTING INTEREST. I DO NOT REQUIRE ANY MONEY THIS FINANCIAL YEAR (2012-13) CAN IT WILL BE CONTINUES AND I WILL GET INTEREST ALSO. KINDLY REPLY AT THE EARLIEST
THANKS
E.MAIL : pk _sax2002@yahoo.co.in

By: RAJENDRA J PAWASKAR

RAJENDRA J PAWASKAR — Thu, 29 Mar 2012 18:38:26 +0000

Pl clarify whether a PPF a/c can be attached by Income TAX Authorities u/s 226 (3.) & in such cases whether monies are remitted immediately by the bank maintaining such PPF a/c of the assessee, even if the PPF a/c is not matured for payment. If yes pl clarify with reference circulars/instruction sent to banks by MoF.

By: paras nath dwivedi

paras nath dwivedi — Sat, 24 Mar 2012 10:41:33 +0000

I opended PPF account in March 2005 and contribuying every year as per Rule, Is Withdwral at maturity will be taxable ?

By: anurag

anurag — Fri, 23 Mar 2012 09:18:33 +0000

I have ppf account in syndicate bank. Can I make my payment from SBI netbanking ??

By: gokul

gokul — Mon, 19 Mar 2012 13:24:27 +0000

Hi,

With ppf can i different payments in a year or across diff years

ex:Paying 2000 rupees in one month and next 4000 rupess making sum paid in a year to 36000
also
in one year can i pay 24000 and next year 36000.

By: Samir Kr Das

Samir Kr Das — Sun, 11 Mar 2012 17:45:07 +0000

Can an illiterate person open PPF A/c? If yes, after a long time say 15, 20 or more years his/her photograph may not match with his/her actual face. On maturity how can the amount be paid to the account holder i.e process of verification easily? Please also make me know the procedure, in this case, payment to nominee.

By: Ankur Chaudhary

Ankur Chaudhary — Fri, 02 Mar 2012 00:26:16 +0000

Hi,

My query is “Do we get any final confirmation mail at residence address(mentioned in the withdrawal form), once it get en-cash to bank account. Showing all account details or closing up of the a/c with EPFO etc. ” ?

Thanks & Regard
Ankur Chaudhary

By: Selvi

Selvi — Thu, 01 Mar 2012 03:03:20 +0000

My husband has PPF account and have decaled the invsetment proof in his tax declaration.But his savings ar ebeyond 1 lakh …so 40 k is not at all considered for tax purpose.Now can i use it for my tax investment purpose..kindly advice

By: AMIT DEWANJI

AMIT DEWANJI — Sun, 19 Feb 2012 08:22:39 +0000

WHETHER PF LOAN INSTALLMENTS AGAINST PF LOAN ON MEDICAL GROUND IS TREATED AS CONTRIBUTION TO PF AND EXEMPTED UNDER SECTION 80C OF I.T ACT? KINDLY ENLIGHTEN.

By: kirti

kirti — Fri, 03 Feb 2012 08:05:55 +0000

Hello,
I have doubt regarding amount to be put for minor. The rule copied from above is given below:

Limit of subscription:-

(1) Any individual may, on his own behalf or on behalf of a minor of whom he is the guardian, subscribe to the Public Provident Fund (thereafter referred to as the fund) any amount not less than Rs. 500 and not more than Rs. 70,000 in a year. (Increased to Rs. 1,00,000 from 1.12.2011 vide NOTIFICATION [F.No. 1/9/2011-NS-II], dated 25-11-2011)

Doesn’t “not more than 70,000″ imply that total amount that I can put is Rs 70,000 including my account and my child’s account?

By: O.P.GUPTA

O.P.GUPTA — Thu, 02 Feb 2012 12:24:42 +0000

whether ppf account can be maintained in two banks simultaneously by the same person

By: Yog Raj Wadhwa

Yog Raj Wadhwa — Sat, 28 Jan 2012 15:09:28 +0000

Dear Mr. Prakash Answers to your quarries dated December 21, 2011 & January 15, 2012. Only one account can be opened in the name of any individual. One can also deposit the money in the name of spouse and children. The limit for the current year is Rs. 100,000 for each of the accounts. However the maximum limit that one can claim under sec. 80C of Income Tax is Rs. 100,000/-whether the money is deposited in one or more accounts.

By: abhijit ghavle

abhijit ghavle — Sun, 22 Jan 2012 18:00:12 +0000

I am having two ppf a/c ,one ppf a/c in the name of my HUF and second ppf a/c in the name of my minor son.. Can I deposit 1 lakh each in both ppf accounts from my savings account of HUF in a financial year. IF yes how much amount i can claim for exemption of IT U/S 80 C?

By: prakash

prakash — Sun, 15 Jan 2012 06:43:32 +0000

I Have a ppf account in my name. Can I open a PPF account in my spouse’s name, who is a house wife and not filing IT Returns.

By: Dr.N.C.Padhi

Dr.N.C.Padhi — Fri, 13 Jan 2012 16:33:10 +0000

My PPF account will mature on31st March this year. If I do not withdraw the amount but continue to keep it in the Bank will it be eligible to taxfree interest as before. Do I have the option to withdraw the entire amount when ever I want after the maturity.

Please someone answer my query. Thanks
- Dr Padhi

By: Brindabon Samanta

Brindabon Samanta — Fri, 13 Jan 2012 10:44:36 +0000

Mistakenly I deposited an amount after 15 years but I did not fill in the Form H to extend after 15 years. I want to withdraw the entire money credited at the end of 15 years and want to discontinue it. May I know what is the procedure or what I need to do and what will happen what I deposited at the 16th year?

Regards Brindabon Samanta

By: A.N.Sharma

A.N.Sharma — Fri, 13 Jan 2012 06:40:44 +0000

Can rural branches accept PPF contribution?

By: kcn

kcn — Wed, 11 Jan 2012 03:01:26 +0000

I closed my PPF account after 21 yrs. I had not paid anything in for a year, and was advised to close and withdraw. I am 60. Can I start a new PPF account.

By: Amey

Amey — Fri, 06 Jan 2012 13:11:58 +0000

Sir, I have a ppf account with SBI, it been now 13years old, which iam planning to extend it for 5 years after completion of 15years. i want to know as per rule the A/c gets closed after 20 years i.e. 15+5, after that too can i hold ppf a/c with out depositing any money in that but just hold it to interest accumulated year after year, say for another 2 more years. Thanks, Amey

By: Prakash

Prakash — Wed, 21 Dec 2011 09:14:30 +0000

Hello, I have a query. I have a Minor son in whose name a PPF a/c has been opened. In the same bank I and my wife both have individual PPF a/cs also. In August this year, I deposited Rs. 70000 in each of my and wife’s a/c from respective bank a/cs. I also deposited Rs. 70000 in my Minor son’s a/c from my bank a/c. The bank accepted the same. When I was told by my CA that the total amount that can be deposited between a parent and Minor son is Rs. 70000, I wrote a letter explaining the bank that by mistake or oversight Rs 70000 was deposited in my a/c as well as my Minor son’s a/c and hence asked the return of the money wrongly deposited. The bank’s senior officer told me that it is not a problem and that I will continue getting interest in all three a/cs (father, mother and minor son). So I wrote another letter to the bank that I have been advised
by your own officer that I will contiue to get interest in all three a/cs and if I do not get interest then I am not responsible as I had offered to reverse the deposit but the bank officer assured me that it was not necessary………On 1st Dec 2011, I deposited Rs. 30000 in my and wife’s PPF a/c BUT did not deposit Rs. 30000 in my Minor son’s PPF a/c fearing loss of interest on the amount………Can you / anyone advise on the issue ? Many Thanks.

By: Yog Raj Wadhwa

Yog Raj Wadhwa — Tue, 20 Dec 2011 06:48:16 +0000

Clarifications on PPF Mr. S K Gupta 1. Nominee gets the payment from the bank in case of death of Account holder. and no further deposits can be made in that account. 2. Under Hindu Sucession Act, It is the Legal Heirs who get the property and Assets of the deceased and Nominee is only a trsutee. Legal Heirs can claim the money / property from him. 3. It is only through REGISTERED WILL that one can pass on / give his Property to any one of his choice in the manner he/she likes.

By: Anita

Anita — Thu, 08 Dec 2011 17:03:20 +0000

let me know my amount in my PPF a/c No. 31399203165 and oblige.

By: S k Gupta

S k Gupta — Tue, 06 Dec 2011 14:28:59 +0000

I am a 75 year old pensioner . Can I open a ppf account for saving of tax. Also if I make a nomination in the name of a person other than my legal heirs then who would be the beneficiary in the event of my demise during the period of the account. Will the nominee get all the proceeds or they will pass on to my legal heirs.

By: admin

admin — Tue, 06 Dec 2011 00:59:56 +0000

There is no such restriction in PPF Act. You can open one PPF account of you and one PPF account of each of your minor children.

By: sam

sam — Mon, 05 Dec 2011 18:02:52 +0000

I have two minor children. Can I open two ppf accounts on behalf of each of my kids contributing 60000 (Sixty Thousand) i.e. 60k + 60k. Will there be any contravention? Please guide me.

By: Shilpak

Shilpak — Tue, 29 Nov 2011 11:03:52 +0000

Hi Manoj,

You being an NRI cannot open a new PPF account and if your wife is also staying with you in UAE, you cannot open in her name also.

But if she is staying in India you can open in her name and then you can deposit money into her PPF account.

I hope this clarifies…

By: Ravi

Ravi — Mon, 28 Nov 2011 05:27:21 +0000

Could you please let me know the rate of interest on GPF not PPF (existing 8.6%)

By: anil

anil — Thu, 24 Nov 2011 12:33:30 +0000

take legal advice and first complaint at previous bank of baroda in written,,
then complaint in consumer forum, with all the related documents,,

By: anil

anil — Thu, 24 Nov 2011 12:29:51 +0000

yes, limit is 70000.00 and u can deposit less than 70000.00 or equal to 70000.00 either in lumsum or in installments.
ok
the no. of installments should not exceed 12.

By: MANOJ

MANOJ — Wed, 02 Nov 2011 17:27:05 +0000

I AM WORKING IN UAE, CAN I OPEN A PPF ACCOUNT…CAN I OPEN A PPF ACCOUNT FOR MY WIFE…

By: Manisha kumari

Manisha kumari — Mon, 31 Oct 2011 12:09:52 +0000

Attn: sir,
iwant to say u that my husband sanjeev kr is employee of allahabad bank.his PF a/c is 26714. i want to know about PF details and his service position.
Thnaks
Manisha
+91-8083457221.

By: amit murarka

amit murarka — Thu, 21 Jul 2011 06:49:54 +0000

sir i have opened ppf a/c on 25/09/2001 with rs.100/- after that i have not deposited any amount can i restart my account today

By: Mahesh Kumar Yadav

Mahesh Kumar Yadav — Tue, 24 May 2011 06:54:03 +0000

I AM WORKING FROM 1987 TO 2001 IN PVT LTD COMPANY MY P F AMOUNT WITH HELD IN THAT COMPANY. AFTER 2001 MY CASE GOING ON IN THE LABOUR COURT, THE LOWER COURT INSTRUCT TO THE COMPANY TO REINSTATE WITH BACKWEGES . BUT NOT REINSTATE ME . NOW CASE GOING ON IN HIGH COURT. AS PER GOVT OF INDIA CIRCULLER AFTER MARCH 31ST NO INTRUST ACCUMLATE ON PF A/C SO I WOULD LIKE TO KNOW IN MY CASE CAN I WITHDROW MY PF AMOUNT.

By: MKG

MKG — Wed, 27 Apr 2011 06:40:15 +0000

I HAD TO CLOSE MY PPF ACCOUNT IN THE NAME OF MY HUF AS PER THE NEW NOTIFICATION OF GOVT OF INDIA THAT PPF ACCOUNTS OF HUF CANNOT BE EXTENDED BEYOND 15 YEARS.

CAN MY HUF DEPOSIT 70,000/- TO MY PERSONAL PPF ( ACCOUNT IN THE NAME OF INDIVIDUAL) AND CLAIM DEDUCTION UNDER SEC 80C ?

By: Satendra

Satendra — Sat, 23 Apr 2011 09:33:16 +0000

ppf maximum deposite amount is 70000/- per year but how many installment we can deposite this 70000/- pl guide me

By: ADV. SUNIL KALE

ADV. SUNIL KALE — Wed, 20 Apr 2011 17:05:18 +0000

HI,
SUCCESSION CERTIFICATE IS MANDATORY IN YOUR CASE.
write if any help required at sunilkale_2007@rediffmail.com

By: Gurpreet

Gurpreet — Thu, 14 Apr 2011 11:01:49 +0000

Dear Admin/Chain Readers,

SUB: PF amount after death

My Grand Father was working in MCD and had a P.F account. He passed away. He nominated 2 of his sons his P.F amount. One of the nominated person was my father. He also passed away.

Please let me know the procedure to withdraw my late Grand Father’s P.F amount.

Thanks,
Gurpreet

By: Gurpreet

Gurpreet — Thu, 14 Apr 2011 11:00:15 +0000

Dear Admin/Chain Readers,

SUB: PF amount after death

My Grand father was working in MCD and had a P.F account. He nominated 2 of his sons his P.F amount. One of the nominated person was my father. He also passed away.

Please let me know the procedure to withdraw his P.F amount.

Thanks,
Gurpreet

By: SANDEEP KAMAT

SANDEEP KAMAT — Sat, 09 Apr 2011 07:41:34 +0000

Sir I had opened a PPF account with Bank of Baroda on 30th MaRCH 1996 at Fertilizernagar Branch Baroda.In year 2006 I got the account transferred to Bank of Baroda Patel Colony Branch,Jamanagar.
While transfering due to wrong entry of account History by Bank of Baorda,the starting date of account in the system is 7th September 2006,however as per the actual accounting opening date my account is due for closure on 31st March 2011.
I had gone to branch for withdrawal and closure of the PPF account,but they say the account will mature in year 2022.

I am in need of the money,please advice where I should put the complaint.

By: nirav

nirav — Thu, 07 Apr 2011 14:59:18 +0000

i have open ppf account for huf in sbi on 05/06/2008 they are asking me to close this account and also they are verbally asking to close this account as well as they are also verbally intimating that they are not able to give interest in huf account after 31/03/2011.

awaiting for answer

By: RAMAVTAR BANGA

RAMAVTAR BANGA — Thu, 07 Apr 2011 07:56:06 +0000

PLEASE ADVISE INTEREST RATE APPLICABLE FOR THE YEAR 2010-2011 & 2011-12.

By: Adinarayana

Adinarayana — Sun, 27 Mar 2011 17:56:13 +0000

Maximum amount that can be deposited in a year in PPF account is Rs.70,000/-

By: ADITYA

ADITYA — Sun, 27 Mar 2011 14:46:53 +0000

What maximum amount can be deposited in PPF account in a year now

By: Fazalailahi

Fazalailahi — Sat, 26 Mar 2011 18:07:58 +0000

Respected Sir,
My father pass away On 23/11/2009.In His PPF A/C My name is as a First Nominee & Second Nominee is My Step Son ‘Asbab’, for whom my sister is Appointed guardian. The Amount in PPF A/c Balance more than 5 lakhs.My sister Wants the Charge for to Sign for Withdrawal.Actually the Amount is for to utilise After Asbab’s Education.Asbab’s Actual & Real Guardians are I & his Mother(My Wife). What Can I Do Now?

By: Narendra

Narendra — Fri, 11 Feb 2011 14:26:56 +0000

Dear Sir,

One of My Client has expired with left of PPF a/c having more than Rs. 1 lakh. His Nominee is also expired. His one Son is also expired.The Grandson has WILL under which Grandfather has AUTHORISED grandson to take care of the PPF A/c etc. Though he has valid possession of WILL AND LEGEL HIERER ,is thier is requirement to get the Sucession certificate. Since to get Sucession certificate a lot of time has to be consumed. Please advice for alternate root

Thanks