I opened my PPF A/c on 5.3.1999 (i.e. F.Y.1998-1999) and my last contribution(15th instalment) was made on 4/4/2012 (i.e. F.Y.2012-13). As per PPF rules,I can close the A/c or apply for extension of 5 years on the expiry of 15 years from the close of the financial year in which the initial subscription was made (i.e. on 1.4.2014).
My queries :
1) Is my understanding-as mentioned above-correct?If not,where am I going wrong?
2) Since Form-H for extension has to be submitted before one year passes from the maturity date (i.e. any time between 1.4.2014 and 31.3.2015),am I eligible to make the contn. for F.Y.2013-14 without extending the A/c?But if I make the Contn. for F.Y.2013-14,it would be my 16th instalment.Would this not contravene the rules of PPF which envisages only 15 instalments?
3) Even if I am willing to submit Form-H in April 2013,the bank may not accept it since it has to be submitted after the maturity date which is 1.4.2014.So what is the position as far as contribution for F.Y.2013-14 is concerned – Do I make it w.o. submitting Form H(which would mean I am making the 16th Contribution) or do I extend the A/c by submitting Form H in April 2013 (which is technically incorrect since the A/c matures only on 1.4.2014).
Thank you for your clarifications and help.