PPF Calculator: If you invest for the future through PPF account, then you must know about this news. The government has also made changes in PPF after Sukanya Samriddhi Yojana (SSY). Let us tell you about 5 big changes in PPF.
Add rightsofemployees.com as a Preferred Source
You can continue your PPF account even after 15 years without depositing money. There is no obligation on you to deposit money in this. After maturity, if you want to do the extension of PPF account, then you can withdraw money only once in a financial year.
If you want to take a loan against the money deposited in the PPF account, then two years before the date of application, you can take a loan only on 25 percent of the PPF balance available in the account. For example, if you are applying on October 31, 2022, then two years before that i.e. on October 31, 2020, if you had Rs 1 lakh in your PPF account, then you can get 25 percent loan.
The interest rate on taking a loan against the amount deposited in PPF has been reduced from 2 percent to one percent. On repaying the principal amount of the loan, you are required to pay the interest in two or more installments. Interest is calculated from the 1st of every month.
To open a PPF account, instead of Form A, now Form-1 has to be submitted. For extension of PPF account after 15 years (with deposits) one year before maturity, one has to apply in Form-4 instead of Form H.
The investment in PPF account should be in multiples of Rs 50. This amount should be a minimum of Rs 500 or more in a year. The amount deposited in PPF during the entire year should not exceed Rs 1.5 lakh. You can deposit money in PPF account only once in a month.
Add rightsofemployees.com as a Preferred Source
