urgent question about ppf

165°
Benevolent
kukdookoo
friends a ppf account is maturing this month. asked the bank to extend it but they are saying that extension form should be submitted in first week of april but account is valid till this month, till this financial year that is. as they are sarkari bank so they are not listening and are repeating the same thing. just want to know that for ppf extension when is a form suppossed to be submitted and can it be done online in sbi?

@legend101 @Rajkotian @Jarvis.-. @Demon_slayer @guest_999 @flash007 @LordGane @rogerthat

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Benevolent Benevolent
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Deal Subedar Deal Subedar
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Sbi does have ppf management in netbanking maybe try that

Benevolent Benevolent
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cant see any extension option there
Helpful Helpful
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which bank ? so , whats the prob ? do it in april ? 

Benevolent Benevolent
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sbi ppf valid till 31st and it should auto credit the amount on 1st but they are saying that they will extend next month

Deal Cadet Deal Cadet
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Do it in April there shouldn't be any issue

Benevolent Benevolent
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ppf valid till 31st and it should auto credit the amount on 1st but they are saying that they will extend next month
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Pro DealBaba Pro DealBaba
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Maturity ke samay maine jake bola tha extent for another 5 years and they did without any issue - post office

Benevolent Benevolent
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in march?
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Deal Cadet Deal Cadet
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if its of sbi.....i can help and let you know by tomorrow.....dm me to remind

Benevolent Benevolent
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done
Benevolent Benevolent
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https://www.nsiindia.gov.in/(S(qagdtayg2zntoa45...

12. Extension of account with deposits after maturity.-

(1)Subject to the provisions of paragraph 11, the account holder on the expiry of fifteen years from the end of the year in which the account was opened, may extend his account and continue to make deposit under paragraph 4 for a further block period of five years by applying to the accounts office in Form-4.

(2) The option of extension of account under sub-paragraph (1) shall be made by the account holder before expiry of one year from the maturity of the account: Provided that an account opened on behalf of a minor or a person of unsound mind may be extended at the request of the guardian.

(3) No deposits can be made in the account, if the account holder fails to give his option to continue the account within one year from the date of maturity. Any deposit made in such account shall be treated as irregular and refunded by the accounts office immediately without any interest: Provided that the balance in the account on the date of maturity shall continue to earn interest upto the end of the month preceeding the month of closure.

(4) Facility of partial withdrawal under paragraph 10 of the Scheme shall be available to the account extended under sub-paragraph (1), subject to the condition that the total withdrawal during the block period of five years shall not exceed sixty per cent. of the balance at credit at the commencement of the block period: Provided that the withdrawal, subject to the ceiling as specified above may be made either in a single or in yearly instalments.

(5) Provisions of sub-paragraphs (1) to (4) shall also apply on accounts after maturity on expiry of the each extended block period of five years.

(6) If the account is continued with deposits for one or more five block periods, the account holder may leave the account without deposits on completion of any block period and the account shall continue to earn interest till it is closed and the account holder may make one withdrawal every year from the account.

(7) An account holder who has given his option for the extension of the account for a period of five years shall not have the option to withdraw his request at a later stage.

Benevolent Benevolent
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thanks. bro as per point 2, one can get it extended in march too right? + @Seinfeld @HasdaChehra @r3d-d3v1l
and about point 7, suppose one needs money on emergency basis in 4th year from this 5 year period then he wont get anything?
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Finance Mentor Finance Mentor
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I had submitted the continuation form in July after maturity in March end. All was fine, don’t get tensed.

Benevolent Benevolent
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bro afaik no interest would have been counted from april to july when the extension wasnt done
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