Learn To Renew Your Public Provident Fund Account
By SiliconIndia
2. Want To Reactivate The Account?
To open a Public Provident Fund you need to atleast deposit Rs.500 and a maximum deposit of Rs.1, 00,000 in a given financial year. You can pay the full money in the multiples of 5.
You can make your payments either through cash or cheques which will be in favour of accounts office and the place it is located.
Apart from that, the amount of interest you will get is decided by government of India. Currently the interest is 8.70 percent Per Annum.
To keep your PPF active, you should at least deposit Rs.500 or else your account will be either closed or the account holder will be charged a penalty of Rs.50 for that financial year.
You can keep PPF account for about 15 years and if you want you can even extend it further. After completing 15 years you will be eligible for withdrawing up to 60 percent amount from that account.
Also Read: Incorrect Tax Withholding Most Frequent Payroll Error: E&Y What Albert Einstein Wants To Teach You About Investing?
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