How to Revive Inactive PPF account: In the era of inflation, everyone wants to make money from money by investing. Although there are many options for investment, PPF is a safe and convenient option for investment.
In the era of inflation, everyone wants to make money from money by investing. Although there are many options for investment, PPF is a safe and convenient option for investment. If you have invested in PPF and your account has become closed or inoperative due to any reason. So you don’t need to worry. Because the investment made by you is completely safe and with this you can easily get your account started again.
Let us tell you that a person can open only one PPF account. Investing in PPF is also very important in terms of tax exemption. In this, the benefit of tax deduction is available on investment. Apart from this, the maturity amount and interest income also become tax free. Let us now tell you how you can get your closed PPF account started again. First of all, you should understand how the investment is done in PPF account.
If you want to invest in PPF, then you can easily open a PPF account by going to the nearest post office or bank. For this you have to fill a form. In this, you have to invest a minimum of Rs 500 in a year, and if you do not meet the minimum investment condition, then your PPF account becomes inoperative. The government fixes the rate of interest on PPF at the beginning of every quarter. Now this rate is 7.10 percent. Interest is paid on 31st March every year.
Why PPF account becomes inoperative
If the PPF account holder does not put the minimum amount in the account in a financial year or forgets to put it, then this account stops. In PPF, only after the maturity period is over after 15 years, the subscriber is given his amount along with interest. This interest is added to the balance every year.
And even if your PPF account is closed, the same thing applies to your account. The government fixes the interest rates from time to time. PPF account closed before the date of maturity cannot be closed permanently. However, if someone wants to activate it, then this work can be done anytime before the date of maturity. The date of maturity is mentioned in the PPF passbook.
This is the way to start it again
To start the closed PPF account, you will have to give a written application by going to the post office or bank where it is open. Closed PPF account can be restarted during maturity. For this, along with Rs 500, a fee of Rs 50 will have to be paid annually. This fee will have to be paid on an annual basis. It is very important to know here that the balance in the closed account cannot be revived by the account holder before maturity.
