InvestorQ : What is Public Provident Scheme 2019?
Niharika Kamble made post

What is Public Provident Scheme 2019?

Answer
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Ria Jain answered.
10 months ago


The Union Government has recently notified new Public Provident Fund (PPF) rules named Public Provident Fund Scheme 2019, replacing the existing PPF rules with immediate effect. Under this scheme, a person shall be allowed to have only one PPF account for himself and can open one account on behalf of the minor or person of unsound mind, of whom he’s a guardian. An account can be opened by filing Form-1 with the prescribed authorities.  A joint PPF account is not allowed under this scheme.

Central Government (CG) has also specified the limit of deposits in PPF account under this scheme which should not be less than Rs 500 and Rs 1.5 lakh in a financial year. This limit is inclusive of own and dependent’s PPF account. CG has also stated that if the person fails to deposit the minimum amount in the PPF account for subsequent years, the account shall be considered as discontinued. However, a discontinued account can be revived during the maturity period only and by paying a fee of Rs. 50 along with arrears of minimum deposit amount of Rs. 500. The account holder of a discontinued account will not be eligible to open a new account before the closure of such a discontinued account after maturity.

The amount in the PPF account will not be liable to attachment under any order or decree of any court in respect of any debt or liability incurred by the account holder.