PPF Scheme: Amazing! This benefit will be available in PPF account after maturity, these people will be benefited
PPF Scheme: PPF investment comes with a lock-in period of 15 years from the day of account opening. With each passing year, this lock-in period gets progressively shorter. So, if you open a PPF account in April 2023, it will mature in March 2038.
PPF Balance: Public Provident Fund (PPF) is an investor-friendly and popular investment scheme due to its many attractive features and benefits in terms of better returns and tax savings under income tax laws. The PPF scheme was launched in 1968 through the National Savings Institute of the Ministry of Finance. As far as the interest rate on PPF is concerned, this rate is not fixed as it is linked to the 10-year government bond yield. The interest rate on PPF is decided at the beginning of the quarter based on the average bond yield in the last three months.
PPF investment comes with a lock-in period of 15 years from the day of account opening. With each passing year, this lock-in period gets progressively shorter. So, if you open a PPF account in April 2023, it will mature in March 2038. You can withdraw the entire corpus once your PPF account matures or leave the corpus for as long as you feel feasible, but in blocks of 5 years.
Suppose, if you do not withdraw your money from your PPF account after it matures after 15 years, then the account will be extended by default. Your PPF corpus will continue to attract interest over an extended period decided by the government.
- These benefits will be available on maturity after 15 years
-When your PPF account matures, the first option you have is to close the account and withdraw the entire amount.
– You have the other option not to close your account and after maturity extend the term in blocks of 5 years without making any fresh deposits.
– The third option for you with a matured PPF account is that you can extend the tenure with fresh deposits. Again the tenure can be extended for a block of 5 years.