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A thread about Public Provident Fund (PPF)
- Thread starter mhsabir
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a question about ppf. when is it considered matured? on the same day when the first time funds were added 15 years ago or at the end of financial year. local branch people were not very sure about the same.
also... am i supposed to add funds to ppf account in the 15th year? which is the year of maturity?
also... am i supposed to add funds to ppf account in the 15th year? which is the year of maturity?
Even I don't know for sure....... but logically at the end 15th financial year....... say started on 15April 2004 then 31March 2019 should be maturity. Because they credit interest for the year in the month of March only..... And regarding payment of the installment, you can deposit anytime in the year...... but interest for that month will only be calculated if installment deposited by 5th of the month...... So this should be an annual affair, irrespective of the date you have started... even 31stMarch(though for that year you would not get any interest).
But you can have as many extensions as you want of 5 years each after completing 15years.
But you can have as many extensions as you want of 5 years each after completing 15years.
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I do not think you would need to deposit any further after 31March2020. And you should be able to claim maturity as on 1April2020 (since interest for the 15th year of PPF would have been calculated and credited to your a/c) unless you want extension.
If you are depositing the installment through cheque, do check with the clerk at the time of payment.
If you are depositing the installment through cheque, do check with the clerk at the time of payment.
The financial year you invest is the 1st year and yes you would need to invest in the 15th year. So taking the example above from @ijsa 15th April 2004 starting would be the investment for FY04-05. Investments between 1st April 2019 to 31st March 2020 would be the investment for the 15th year i.e FY19-20.
You can withdraw full amount on maturity (15th year).
You can also do partial withdrawal of about 50% after 7th year (there are some rules that decide exact amount)
After 15 years you can withdraw full amount but if you dont and renew the account then on 16th year again 50% rule will apply and you will have to wait till 20 years. (i.e. another 5 years)
You can withdraw only once in a year.
PS: Looking at current market... I would say that do not withdraw money... PPF if safe investment and that too tax free.
You can also do partial withdrawal of about 50% after 7th year (there are some rules that decide exact amount)
After 15 years you can withdraw full amount but if you dont and renew the account then on 16th year again 50% rule will apply and you will have to wait till 20 years. (i.e. another 5 years)
You can withdraw only once in a year.
PS: Looking at current market... I would say that do not withdraw money... PPF if safe investment and that too tax free.
Ugh. My question was when exactly can I withdraw. On the date of the first deposit in the 15th year? Or at the end of the last financial year which I guess is when they issue the yearly interest.
And I don't trust the current government to keep ppf interest tax free for the next five years.
18/6/2005 is the date of first transaction in my ppf passbook. i just want to know when i can go to bank and get out of this ppf 😁
And I don't trust the current government to keep ppf interest tax free for the next five years.
18/6/2005 is the date of first transaction in my ppf passbook. i just want to know when i can go to bank and get out of this ppf 😁
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31stMarch'05 : 1st year complete....... irrespective of the date of investment in FY04-05...... whether 1/04/04 or 31/03/05...
31stMarch'06 : 2nd year complete
.....
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31st March2019 : 15th year complete.... hence maturity can be claimed on 1st April2019....
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