JOINT ACCOUNTS

1. JOINT ACCOUNTS Joint Account cannot be opened in PPF. Only one PPF account can be opened by one adult in addition to minor account if any Limit of Rs.100,000/- will be applicable by adding deposit in all accounts i.e individual or minor accounts.

2. EXTENTION OF ACCOUNT PPF account can be extended for 5 years period after every maturity. For example After 15 years account can be extended for 5 years and after 5 years it can be further extended for 5 years and so on. Form-H has to be given within one year of maturity.

3. RETENTION OF MATURITY VALUE Maturity value of PPF account can be retained for unlimited period without further deposit. It will continue to earn PPF rate of interest.

4. ACTION ON EXCEEDING LIMITS In case the amount deposited is found above the prescribed ceiling A deposit office shall, as soon it comes to its notice that a deposit exceeds the ceiling prescribed in the rules i.e Rs.100,000/- request the depositor in writing to withdraw the excess deposit immediately. The amount deposited in the account in excess of the prescribed limit will not earn any interest.

5. Tax Concessions (i)Subscription to Public Provident Fund qualify for deduction from the income under Section 80-C of the Income Tax Act subject to the limit of Rs.100,000/- in a year. (ii)The interest credited to the fund including interest allowed during the extended period and withdrawals from the fund are exempt from income tax. (iii)The interest credited in the PPF account is not treated as investment for the purpose of Section 80-C of Income Tax Act as it is totally tax free and does not form part of taxable income.

6. Thank You