NEW DELHI: The Public Provident Fund (PPF) account has a 15-year lock-in. Funds may also be accessed most effective at the end of that duration. However, partial withdrawals are allowed topic to certain conditions.
Rules for withdrawal:
One is permitted withdrawal of up to 50% of stability in the account after completion of 5 years from the top of the yr in which the initial subscription used to be made.
Example:
To perceive higher, allow us to think that a PPF account used to be opened on 15 February 2013. The subscriber on this case can make a partial withdrawal most effective from the financial yr 2018-19.
Amount eligible for withdrawal:
The general amount eligible for withdrawal in a specific financial yr is the decrease of:
1. 50% of the account stability at the end of the financial yr, previous the present yr, or
2. 50% of the PPF account stability at the end of the fourth financial yr, previous the present yr.
Application:
Form C, to be had at the submit administrative center or financial institution the place the account is, has to be submitted. The account number and amount to be withdrawn has to be mentioned in the shape and signed by way of the account holder.
Documents:
The PPF passbook needs to be submitted at the side of the withdrawal software.
Process:
The financial institution/submit administrative center will check the date of account opening to ascertain eligibility for withdrawal. If eligible, the amount that may be withdrawn will be calculated. Next, the amount will be credited to the subscriber’s checking account or a DD will be issued.
Rules for withdrawal:
One is permitted withdrawal of up to 50% of stability in the account after completion of 5 years from the top of the yr in which the initial subscription used to be made.
Example:
To perceive higher, allow us to think that a PPF account used to be opened on 15 February 2013. The subscriber on this case can make a partial withdrawal most effective from the financial yr 2018-19.
Amount eligible for withdrawal:
The general amount eligible for withdrawal in a specific financial yr is the decrease of:
1. 50% of the account stability at the end of the financial yr, previous the present yr, or
2. 50% of the PPF account stability at the end of the fourth financial yr, previous the present yr.
Application:
Form C, to be had at the submit administrative center or financial institution the place the account is, has to be submitted. The account number and amount to be withdrawn has to be mentioned in the shape and signed by way of the account holder.
Documents:
The PPF passbook needs to be submitted at the side of the withdrawal software.
Process:
The financial institution/submit administrative center will check the date of account opening to ascertain eligibility for withdrawal. If eligible, the amount that may be withdrawn will be calculated. Next, the amount will be credited to the subscriber’s checking account or a DD will be issued.
PPF part withdrawal: Things to know
![PPF part withdrawal: Things to know]()
Reviewed by Kailash
on
January 01, 2019
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