RBI’S CLARIFICATION ON PAYMENT OF INTEREST IN RESPECT OF PPF (HUF) ACCOUNTS UNDER PUBLIC PROVIDENT FUND (PPF) SCHEME, 1968
CIRCULAR NO. DGBA. CDD. NO. H-8842/15-02-001/2010-11, DATED 17-6-2011
Please refer to our Circular RBI/2010-11/344 DGBA.CDD.No.H-4311/15.02.001/ 2010-11, dated December 27, 2010, forwarding therewith a copy of Government of India Notification G.S.R.956 (E), dated December 7, 2010, on the above subject.
2. In this regard, Government of India has, vide their letter F.No.7/4/2008-NS.II, dated June 1, 2011(copy enclosed), decided that interest at PPF rates would be paid on those PPF (HUF) accounts, which had attained the maturity after May 13, 2005 but closed by the subscribers before December 7, 2010, subject to the conditions that the accounts had not been extended thereafter and the deposits were retained in such accounts without further subscriptions.
3. You may bring the contents of this circular to all your branches dealing with this scheme.