Premautre PPF Withdrawal
jatinderchd last edited by ftForumMod
I had opened a PPF account in SBI in jan 2012. I want that money as i m in dire need of it as m out of funds. I want to know how can i withdraw the complete funds out of it. Its very urgent.
ftForumMod last edited by ftForumMod
PPF is a long term investment option.You cannot withdraw the complete amount before maturity i.e.15 years.However,partial withdrawal is allowed subject to financial emergencies.The partial withdrawal can be done from beginning of 7th financial year.The maximum amount of partial withdrawal can be 50% of the closing balance in the PPF account in the end of 4th year coming before the year of withdrawal.
W.e.f.1.4.16 PPF account can be closed before maturity.But this is permitted only in genuine cases like a serious ailment, higher education of children etc.There is a penalty of 1% also for premature closure.