New Delhi: Every year one has to deposit at least Rs 500 in a Public Provident Fund (PPF) account, after which the account remains operational. This has to be done for 15 years. Many times people cannot put a minimum amount in the account due to various reasons, due to which the account is closed. We are telling you how to restart the account.
To restart a PPF account, you have to go to the bank or post office where it is open. You will need to fill out a form to reopen your account here.
After filling out the form, you will have to pay the balance. This means that in the years you have not paid, you will have to pay at least Rs.500 per year.
With this payment you will have to pay a penalty of Rs 50 per year.
These are the disadvantages of closing an account
In 2016, the government changed the rules and in some cases allowed the closure of the PPF account before maturity. This account can only be opened after five years. If your account is inactive, you will not receive this feature until it is reactivated.
After the third financial year, a loan can be taken on the outstanding amount in the PPF account by the end of the sixth financial year. This benefit is also not available in a passive PPF account.
Keep in mind that if the account holder wants to open a PPF account other than a closed PPF account, he will not get permission as he has no permission. No one can have two PPF accounts.