PPF account

POSTED BY Kulbir singh ON November 4, 2012 11:49 am COMMENTS (2)

My ppf account was opened in FEb 98 in Post office. Its 15 year will complete in Feb 2013. i have come to know that amount of my PF account will be given to me only in April 2013.

My query is :

1. Is it correct that i ill get amount in April 2013

2. I donot want to continue this account, But i want to open fresh PPf account in SBI , can i open account in my name in March 2013.

 

2 replies on this article “PPF account”

  1. Dear Kulbit, please do not opt to close the existing account. Opt to continue it for a block of 5Y i.e. till 2018. Now after extension, please apply for a transfer of your PPF acct. from PO to SBI.

    thanks

    Ashal

  2. Ashwini Rao says:

    Hi,

    “You can close the account after completion of 15 years or the expiry of 15 years from the close of the financial year in which the initial subscription was made”. Hence, you will recieve the amount in Apr 2013 which is correct.

    You cannot open another account in SBI before closure of the account which happens in Apr 2013. “At any point in your life, you are allowed to have only 1 PPF account in your name”.

    You can transfer your current PPF account to SBI if you do not wish to continue with Post office. And if you are not yet willing to withdraw the entire money now and want to use it for future long term goals like retirement, you may continue extending the PPF account for a block of five years for any number of times.

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