Having a public provident fund account is one of the best things you can do for your finances. This is because it ensures that your hard-earned money is in safe hands and with full transparency. However, in order to open an account under the PPF scheme, it is important that you understand the different types of forms that come with it. Listed below are all the forms necessary for opening a PPF account.
• Account opening form- This type of form is used for opening a public provident fund account. You will have to state your name, residential address and the amount of the initial cheque for opening a PPF account. In case you are opening an account for the minor, you would have to state the relationship you share with the respective minor. Additionally, you will also have to provide a declaration that you do not have any other public provident fund account, except for the minor’s account.
• Contribution form- In this type of form, you will have to mention the account holder’s name, the PPF account number and the amount of money that is supposed to be credited. Additionally, you can use this form to pay late fines or fees, loan interest, and a loan you have obtained against the PPF account.
• Partial Withdrawal form- In order to make partial withdrawals, you will have to mention the respective account number and the amount of money that you are looking to withdraw. You will also have to state the number of years that have passed since the expiry of the year of opening an account under the PPF scheme. This is due to the fact that, you can only make partial withdrawals post 5 years of opening the account. If the account is for a minor, then you will have to provide a declaration of the amount and submit the passbook with the form.
• Loan form- If you wish to get a loan from the PPF account, then you will have to submit a PPF loan form. You will have to mention the loan amount and the PPF account number, and provide with undertaking that you will pay off the loan with interest within 3 years. Additionally, you will have to submit your PPF passbook with the PPF form.
• Change of nomination- Nomination forms are used generally for modification, cancellation or change in nomination. Make sure that you state your name and your nominee name, your PPF account number and the date of the original nomination in the cancellation form. Additionally, state your nominee’s date of birth, address and if the nominee is a minor. This is important because, if your nominee is a minor then, you will have to mention the address and the name of the person who will receive the minor’s amount, during his/her minority.
• Claim form- The claim form is used for making claims for the PPF account. If you are the nominee, then you will have to submit the succession certificate, letter of indemnity, letter of disclaimer on the affidavit, death certificate, PPF passbook and the affidavit along with the PPF form. You will also have to sign a receipt of acknowledgement and attach a revenue stamp of Re 1 to the form. In case, there are no nominees, then legal heirs can also claim the PPF amount.
• Extension form- An extension form is used to expand the amount of the PPF, once it has the attained maturity of 15 years. After you have submitted the form, you can continue contributing towards the account and earn interest on new contributions. The expansion is done once in 5 years, and in case you do not submit the form within a year of maturity, then you will be unable to make new contributions.
Once you have a clear picture regarding what you need to do for opening a PPF account, the whole process becomes a lot easier. Hence, make sure that you are well informed about all the aspects of the PPF forms.
• Account opening form- This type of form is used for opening a public provident fund account. You will have to state your name, residential address and the amount of the initial cheque for opening a PPF account. In case you are opening an account for the minor, you would have to state the relationship you share with the respective minor. Additionally, you will also have to provide a declaration that you do not have any other public provident fund account, except for the minor’s account.
• Contribution form- In this type of form, you will have to mention the account holder’s name, the PPF account number and the amount of money that is supposed to be credited. Additionally, you can use this form to pay late fines or fees, loan interest, and a loan you have obtained against the PPF account.
• Partial Withdrawal form- In order to make partial withdrawals, you will have to mention the respective account number and the amount of money that you are looking to withdraw. You will also have to state the number of years that have passed since the expiry of the year of opening an account under the PPF scheme. This is due to the fact that, you can only make partial withdrawals post 5 years of opening the account. If the account is for a minor, then you will have to provide a declaration of the amount and submit the passbook with the form.
• Loan form- If you wish to get a loan from the PPF account, then you will have to submit a PPF loan form. You will have to mention the loan amount and the PPF account number, and provide with undertaking that you will pay off the loan with interest within 3 years. Additionally, you will have to submit your PPF passbook with the PPF form.
• Change of nomination- Nomination forms are used generally for modification, cancellation or change in nomination. Make sure that you state your name and your nominee name, your PPF account number and the date of the original nomination in the cancellation form. Additionally, state your nominee’s date of birth, address and if the nominee is a minor. This is important because, if your nominee is a minor then, you will have to mention the address and the name of the person who will receive the minor’s amount, during his/her minority.
• Claim form- The claim form is used for making claims for the PPF account. If you are the nominee, then you will have to submit the succession certificate, letter of indemnity, letter of disclaimer on the affidavit, death certificate, PPF passbook and the affidavit along with the PPF form. You will also have to sign a receipt of acknowledgement and attach a revenue stamp of Re 1 to the form. In case, there are no nominees, then legal heirs can also claim the PPF amount.
• Extension form- An extension form is used to expand the amount of the PPF, once it has the attained maturity of 15 years. After you have submitted the form, you can continue contributing towards the account and earn interest on new contributions. The expansion is done once in 5 years, and in case you do not submit the form within a year of maturity, then you will be unable to make new contributions.
Once you have a clear picture regarding what you need to do for opening a PPF account, the whole process becomes a lot easier. Hence, make sure that you are well informed about all the aspects of the PPF forms.
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