Personal finance basics: 5 things to know about PPF account

1. One can open an account for himself or for a minor or a person of unsound mind of whom he is the guardian, by making an application through Form-1.

2. A minimum of Rs 500 and maximum of Rs 1,50,000 is allowed in a financial year. Maximum limit is inclusive of all the accounts including minor and dependants under the individual.

3. Withdrawal from PPF account will be allowed only after five years, with a change in the residency status of account holder as an additional ground for premature closure.

4. Discontinued account can be revived during the maturity period by paying Rs 50 along with arrears of minimum deposit of Rs 500 for each year of default.

5. PPF account will not be liable to attachment under any order or decree of any court.


(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)