You can keep your PPF account open even if you haven’t deposited any money in it for 15 years. You are under no obligation to put money into this. If you want to extend your PPF account after maturity, you can only withdraw money once per financial year.
If you want to take a loan against the money deposited in the PPF account, you can only take a loan on 25% of the PPF balance available in the account two years before the date of application. For example, if you apply on October 31, 2022, but have Rs 1 lakh in your PPF account two years earlier, on October 31, 2020, you can get a 25% loan.
The interest rate on a loan against the amount deposited in a PPF has been reduced from 2% to 1%. When you repay the principal amount of the loan, you must pay the interest in two or more installments. Every month, interest is calculated beginning on the first of the month.
Form 1 must now be submitted instead of Form A to open a PPF account. To extend a PPF account after 15 years (with deposits) one year before maturity, use Form-4 rather than Form H.
PPF investments should be made in multiples of Rs 50. In a year, this amount should be at least Rs 500. The total amount deposited in PPF should not exceed Rs 1.5 lakh for the entire year. You can only deposit money into your PPF account once a month.
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