I have open a PPF account in SBI in my own name and deposit 70000/- in 2007-08. Rs 500/- in 2008-09. In 2009-10 I have not deposit any amount. Now just wanted to know whether my account is continue or not. i.e. Is it compulsory to deposit some money in PPF A/C in every financial year?
You have to deposit min Rs.500 every year in your PPF account to keep it operative.
- The minimum deposit is 500/- and maximum is Rs. 70,000/- in a financial year.
- One deposit with a minimum amount of Rs.500/- is mandatory in each financial year.
- The deposit can be in lumpsum or in convenient installments, not more than 12 Installments in a year or two installments in a month subject to total deposit of Rs.70,000/-.
- It is not necessary to make a deposit in every month of the year. The amount of deposit can be varied to suit the convenience of the account holders.