On maturity, account holders have multiple options to decide the future course of action based on their financial goals

PPF account maturing? Here’s what to do It is important to understand these options

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What to do when the PPF account matures

The Public Provident Fund (PPF) is a long-term savings scheme with a tenure of 15 years. On maturity, account holders have multiple options to decide the future course of action based on their financial goals. It is important to understand these options.

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Withdraw amount

On maturity, the account holder can withdraw the entire balance, including principal and accumulated interest. The entire corpus is tax-free. To withdraw, submit Form C, along with the PPF passbook and KYC documents, to the bank or post office where the account is held.

Extend account

The account holder can opt to extend the PPF account beyond 15 years, in blocks of five years, without making any additional deposits. The existing balance continues to earn interest at the prevailing PPF rate. Partial withdrawals can be made once a year, subject to balance restrictions.

Continue contributions

To continue investing in the PPF account beyond its 15-year maturity term, the account holder can extend it in five-year blocks with fresh contributions. This decision must be communicated within a year of maturity to the bank or post office. The subscriber must continue to deposit a minimum of Rs.500 annually to keep the account active.

Points to note

No fresh contributions are allowed after maturity unless Form H is submitted within a year.If no action is taken, the account is automatically extended for five years, but deposits are not permitted.The interest earned after maturity remains tax-free, making the PPF a great long-term investment tool.
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Content courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.

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This story originally appeared on: India Times - Author:Faqs of Insurances