I opened a Public Provident Fund (PPF) account in State Bank of India in 1985. I have been keeping it alive even after the 15 years by annual contribution till last year (2015-16). Please clarify whether I will be able to close this account now and withdraw the entire balance?
- A S Ganesan
Public Provident Fund (PPF) account gets matured after the completion of 15 financial years. However, on maturity, it can be extended any number of times by a block of 5 years each time. If you have opened your PPF account in 1985, your account would have matured in 2001. After three extensions, it should mature on 2016. If you have completed five years as on 31/3/2016 after the last extension, you can close your PPF account and withdraw the entire balance.