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The regular PPF account on the expiry of fifteen years from the end of the year in which the account was opened, may extend his account and continue to make deposit for a further block period of five years. There is no limit on number of extensions.
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The option of extension of account shall be made by the account holder before expiry of one year from the maturity of the account:
Provided that an account opened on behalf of a minor or a person of unsound mind may be extended at the request of the guardian.
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No deposits can be made in the account if the account holder fails to give his option to continue the account within one year from the date of maturity.
Provided that the balance in the account on the date of maturity shall continue to earn interest up to the end of the month preceding the month of closure.
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Facility of partial withdrawal under the Scheme shall be available to the account extended, subject to the condition that the total withdrawal during the block period of five years shall not exceed sixty per cent. of the balance at credit at the commencement of the block period.
Provided that the withdrawal, subject to the ceiling as specified above may be made either in a single or in yearly instalments.
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These provisions shall also apply on accounts after maturity on expiry of each extended block period of five years.
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If the account is continued with deposits for one or more five block periods, the account holder may leave the account without deposits on completion of any block period and the account shall continue to earn interest till it is closed and the account holder may make one withdrawal every year from the account.
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An account holder who has given his option for the extension of the account for a period of five years shall not have the option to withdraw his request at a later stage.
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The irregular PPF account cannot be extended. The irregular PPF account to be regularised before maturity for extension.
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