If you want to invest for long term then Public Provident Fund (PPF) is the best option. PPF account can be opened in post offices and banks. Its maturity period is 15 years. Under certain circumstances, the PPF account can be closed before maturity. Know what those conditions are.
In circumstances In maturity from first Close Ho can is PPF Account
- If the PPF account holder, spouse or dependent children suffers from any disease that threatens their lives. In this situation the entire money can be withdrawn.
- In case of higher education of the account holder or dependent children.
- The account holder has changed the place of residence. (on becoming an NRI).
- PPF account can be closed after completion of 5 years of opening. On doing so 1% interest will be deducted from the date of account opening/extension date to the date of closure of the account.
account holder of Death having On
- If the account holder dies before maturity, then the nominee can withdraw the entire amount from the PPF account. The nominee can withdraw the entire amount even if the PPF account has not been opened for 5 years.
- After the death of the account holder, the PPF account will be closed.
- The nominee or legal heir cannot continue with the PPF account.
form do will have to deposit
- A form has to be filled to close the PPF account.
- The form has to be submitted in the post office or bank where you have your PPF account.
- While submitting the form, carry the photocopy of the passbook and the original passbook as well.
- If the PPF account has been closed due to the death of the account holder, then the interest on it will be available till the end of the month in which the account is closed.