Query
pawan
(Querist) 14 March 2013
This query is : Resolved
I have opened a PPf a/c. in july 1999 in which year it will mature.
Khaleel Ahmed Mohammed
(Expert) 14 March 2013
Consult with concerned department ,this is not proper forum for your query.
Raj Kumar Makkad
(Expert) 14 March 2013
It would have been mentioned on your passbook or have a cup of tea with me by visiting my office with completed documents, I shall help you.
Kuummaar AS
(Expert) 14 March 2013
A PPF account matures in 15 years, but the tenure can be extended in blocks of five years each after maturity. The balance continues to earn interest at the normal rate. Your account will mature in 2014.
CA Ayush Agrawal
(Expert) 14 March 2013
I Wonder After Reading Replies .
Well, PPF Maturity Period is 15 Years.
Now The Question Arise - How to Calculate 15 Years.
Relevant rule is given as under[rule 9(3)]
"any time after the expiry of 15 years from the end of the year in which the initial subscription was made by him "
So in Your Case, Maturity date is 31st march 2015.
Thanks.
Adv k . mahesh
(Expert) 14 March 2013
Withdrawals from the Fund:- (1) Any time after the expiry of five
years from the end of the year in which the initial subscription was made , a
subscriber may, if he so desires, apply in Form C or as near thereto as possible,
together with his pass book to the Accounts Office withdrawing from the
balance to his credit, an amount not exceeding fifty per cent of the amount
that stood to his credit at the end of the forth year immediately preceding the
year of withdrawal or at the end of preceding year, whichever is lower, less the
amount of loan, if any, drawn by him under paragraph 10 and which remains to
be repaid:
Provided that not more than one withdrawal shall be permissible during any
one year.
(2) On receipt of an application under sub paragraph (1) the Accounts Office
may, after satisfying itself that the amount of withdrawal applied for is not in
excess of the limit prescribed in sub-paragraph (1) and that the applicant has,
till the date of application, been subscribing according to the limit specified in
paragraph 3, subject to the provisions of sub-paragraph (4) permit the
withdrawal and enter the amount withdrawn in the pass book.
(3) Closure of account or continuation of account without deposits
after maturity:- Notwithstanding the provisions of sub-paragraph (1), any
time after the expiry of 15 years from the end of the year in which the initial
subscription was made by him, a subscriber may, if he so desires, apply in
Form C or as ‘near thereto as possible together with his pass book to the
Accounts Office for the withdrawal of the entire balance standing to his credit
and the Accounts Office, on receipt of such an application from the subscriber,
shall subject to the provisions of sub-paragraph (4) allow the withdrawal of the
entire balance (together with interest up to the last day of the month
preceding the month in which the application for withdrawals made) after
making adjustments, if any, in respect of any interest due from the subscriber
on loans taken by him and close his account.
Provided that a subscriber may, if he so desires, make withdrawal of the
amount standing to his credit, from time to time, in installments not exceeding
one in a year.
(3A) Continuation of account with deposits after maturity :- Subject to
the provisions of sub-paragraph (3) a subscriber may, on the expiry of 15 years
from the end of the year in which the initial subscription was made but before then expiry of one year thereafter, may exercise an option with the Accounts
Office in Form H, or as near thereto as possible, that he would continue to
subscribe for a further block period of 5 years according to the limits of
subscription specified in paragraph 3.
(3B) In the event of a subscriber opting to subscribe for the aforesaid block
period he shall be eligible to make partial withdrawals not exceeding one every
year by applying to the Accounts Office in Form C, or as near thereto as
possible, subject to the condition that the total of the withdrawals, during the 5
year block period , shall not exceed 60 percent of the balance at his credit at the
commencement of the said period.
http://www.indiapost.gov.in/posbacts/ppfrules1968.pdf
go through the paras mentioned above you can take starting from end 4 years immediately and also you can take loan also from end of 1st year
there are lot more options and the maturity is for 15 years
CA Ayush Agrawal
(Expert) 14 March 2013
Apart from this:-
Just for Your Info...If You want to extend it further, then you can for as many as years (in multiple of 5 Years)
