ppf question

103°
Deal Lieutenant
kukdookoo

Friends for ppf 15 year lockin period is there and after 7 years some redemption is allowed.

if ppf is extended for 5 years after the period of 15 years then can the full amount be redeemed or partial? kisi article me likhi puri details?

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Deal Cadet Deal Cadet
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When I had transferred 50k after 1.5 was already done sometime earlier, I received the amount back in my account 😄

Deal Subedar Deal Subedar
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kukdookoo wrote:

sir can a person in 15 years or in extension of 15 years deposit more than 1.5 lacs in a year in ppf?some bank people say that it cannot be done and some say that you can deposit any amount but interest will be given on first 1.5 lacs only

You can do it for self + minor (account opened under your guardianship). 1.5L + 1.5L

Deal Lieutenant Deal Lieutenant
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Ramta_Jogi wrote:

You can do it for self + minor (account opened under your guardianship). 1.5L + 1.5L

for not minor case amount will come back or extra amount pe no interest?

Deal Lieutenant Deal Lieutenant
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sj1 wrote:

When I had transferred 50k after 1.5 was already done sometime earlier, I received the amount back in my account 😄

I received the amount back in my account


after how much time?

Deal Lieutenant Deal Lieutenant
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kukdookoo wrote:

sir can a person in 15 years or in extension of 15 years deposit more than 1.5 lacs in a year in ppf?some bank people say that it cannot be done and some say that you can deposit any amount but interest will be given on first 1.5 lacs only

@getready

The PostMighty The PostMighty
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kukdookoo wrote:

sir can a person in 15 years or in extension of 15 years deposit more than 1.5 lacs in a year in ppf?some bank people say that it cannot be done and some say that you can deposit any amount but interest will be given on first 1.5 lacs only

You cannot deposit more than 1.5 lacs in a financial year in PPF. My bank does not allow me to put more than 1.5 lacs in my PPF account. It automatically rejects any scheduled transfer of more than 1.5 lacs. Don’t know which banks allow to put more than 1.5 lacs in PPF.

The PostMighty The PostMighty
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Ramta_Jogi wrote:

You can do it for self + minor (account opened under your guardianship). 1.5L + 1.5L

Rule-4 of Public Provident Fund Rules 2019 specifies the ‘limits of subscription,’ which states that the maximum limit of Rs 1.5 lakh by an individual shall be inclusive of the deposits made in an individual’s own account and in the account opened on behalf of the minor. Thus, the total PPF contribution (minor + parent) should not exceed Rs 1.5 lakh in a financial year.

Deal Subedar Deal Subedar
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Maverickz wrote:

Rule-4 of Public Provident Fund Rules 2019 specifies the ‘limits of subscription,’ which states that the maximum limit of Rs 1.5 lakh by an individual shall be inclusive of the deposits made in an individual’s own account and in the account opened on behalf of the minor. Thus, the total PPF contribution (minor + parent) should not exceed Rs 1.5 lakh in a financial year.

My sister has PPF account for self and minor since 2007…

This “rule” only states the maximum exemption you can claim, which is 1.5L only. Atleast, that’s what they have made of it so far!

Deal Subedar Deal Subedar
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kukdookoo wrote:

for not minor case amount will come back or extra amount pe no interest?

Amount comes back nowadays. Earlier they didn’t use to pay interest on excess.

The PostMighty The PostMighty
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Ramta_Jogi wrote:

My sister has PPF account for self and minor since 2007…

This “rule” only states the maximum exemption you can claim, which is 1.5L only. Atleast, that’s what they have made of it so far!

New rules have been notified in 2019:
Rule 4 (2) - Maximum limit of one lakh fifty thousand rupees as specified in sub-paragraph (1) of Rule 4 by an individual shall be inclusive of the deposits made in his own account and in the account opened on behalf of the minor.

The earlier rules did not clearly specify the above and hence users would open Minor accounts and contribute to the same in addition to their own accounts.

Deal Subedar Deal Subedar
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SBI has not notified of any change. The amount is being deposited in both accounts without any refund and interest is being credited fine as well.. They only ask for Kyc update every year – Aadhar, PAN and initially it was Birth Certificate. 

Moreover, new minor PPF accounts are being accepted by them as well (on lines of SSY, if kid is not female) 

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