After 15-years, when the PPF account matures make sure to submit Form 4 if you wish to extend the account in a block of 5-years and avail Section 80C tax benefit on fresh deposits.
Public Provident Fund (PPF) is one of the several investment options eligible for tax benefit under Section 80C of the Income Tax Act, 1961. The PPF contributions made by self or on behalf of a minor child up to Rs 1.5 lakh per financial year qualifies for deduction in the hands of an individual. However, PPF deposits made during the year may not be allowed for tax benefit unless the PPF extension rules are followed. As per the Public Provident Fund account rules, if the PPF subscriber after the expiry of 15 years of the PPF scheme fails to exercise the option for continuing the account with deposits, the tax benefit under Section 80C will not be allowed.
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PPF is a 15-year scheme and any time after the expiry of fifteen years from the end of the year in which the account was opened, the account can be closed. To close the PPF account, the account holder will need to apply in Form 3. The closure can be done anytime after 15 years and entire balance along with due interest up to the last day of the month preceding the month in which the account is closed can be withdrawn.
Source: Financial Express
