After extending Public Provident Fund (PPF) account for five years beyond maturity, if there is a contribution every year, what are the rules governing withdrawals?l I am a senior citizen, past 67 years.
- Jagadeesh V
You can extend your Public Provident Fund (PPF) account on maturity after 15 years by a block period of five years with or without making further contributions. If you are extending it with contributions, you can withdraw up to 60% of the balance amount at the beginning of the extended period in one or more installments, but only one withdrawal is permitted per year.
If the account is extended without contribution, any amount can withdrawn without restrictions. However, only one withdrawal is allowed per year. The balance will continue to earn interest till it is completely withdrawn.
This article was originally published on March 31, 2016.
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