Public Provident Fund (PPF) is an old way of saving and is especially popular among the salaried class. The PPF scheme is a very useful scheme for the common people. At present, it pays 7.1% per annum interest, which is much higher than fixed deposits at banks. PPF has more interest than other tax saving schemes such as 5 years FD, National Saving Certificate and Time Deposit Scheme. In such a situation, by investing in it, you can save tax as well as earn more returns. So if your PPF account has been closed for some reason, the process of restarting it is very easy.
Revive Inactive PPF Account:
If the PPF account has become inactive, you will have to submit a written application to the bank or post office where it is open to revive it. You will then have to provide an application to the bank or post office to get your account started. For this, you will have to pay a penalty of Rs 50 with a minimum annual contribution of Rs 500.
This makes the PPF account…