The PPF account was opened in October 1996, so the 15+5 year period ended on 01-April-2017.
I was deputed abroad around that time and had every intention of closing the account upon my return and before Mar-2018.
But I have just discovered that my father made a contribution on 01-May-2017 into my PPF account on my behalf without a supporting FORM-H signed by me!
I know it’s a blunder, but is there any way of closing the account … now … given what has been done? Or am I now locked in another 5 years?
Thanks in advance.
But how without your form submission of extension with a contribution during this extended period, that bank accepted the deposit? Check with the bank at first.
If you have not given any closure or extension with contribution request, then the PPF will automatically be extended for another 5 years as if extended without contribution.
Had it been a bank I am sure they would have checked records and asked for a Form H signed by me, and refused to accept the contribution without one! But it is the great Indian “Post Office” I am not at all surprised that the contribution was accepted without any checks or questions.
I am told that the guy at the counter that day was quick enough to update the passbook with this contribution entry but did not update the passbook with FY 2016-2017 interest payment giving the excuse “it is too crowded on 1st day of the month, sir, please come some other day”!
I was so keen to close the PPF account this year but it seems that this inadvertant error by my dad will force me to extend the account for another 5 years!
I don’t think anyone at the Post Office will return the single contribution and agree to close the PPF account (sigh!)
If I have to extend (or am made to, rather 🙂 ), I would like to extend with contributions. At our PO you don’t need a Form H …. you can simply submit a hand written note to extend with contribution. So I am hopeful that they can be persuaded to accept a back-dated letter / Form-H as well !!