PERSONAL FINANCE
Partial withdrawals are allowed before maturity, but after the 6th financial year from account opening. It can be done under certain circumstances.
For the salaried class in India, the public provident fund (PPF) savings is their biggest security which they can fall back upon when they are no more in service. PPF is a central government's social security scheme for citizens, where they can invest for their retirement savings.
PPF scheme has a maturity of 15 years, after which the full amount withdrawal is allowed. However, under certain circumstances, the retirement corpus can also be withdrawn prematurely. Partial withdrawals are allowed before the account matures, but after the 6th financial year from account opening. But this can be done only under certain circumstances.
PPF, part of small savings schemes, currently offers an interest rate of 7.1% per annum. The rate is reviewed on quarterly basis.
An investor can invest as low as Rs 500 and up to a maximum of Rs 1,50,000 per annum under the scheme.
Public provident fund scheme has an original duration of 15 years after which the amount matures and can be fully withdrawn.
After 15 years completion, on application by the subscriber, it can be extended for one or more blocks of five years each.
Loans and withdrawals are also permitted depending upon the age of the account and balances as on the specified dates.
Income tax benefits can also be availed for investing under the scheme. It is a risk-free as it is supported by the government.
Partial withdrawals from PPF account can be made from the sixth financial year after the account is opened.
For example, if the account was opened on February 1, 2020, a withdrawal can be made from the financial year 2025-26 onwards.
There is no tax on partial/premature withdrawals from the PPF account. Only one partial withdrawal is allowed per financial year.
The maximum amount that can be withdrawn per financial year is the lower of the following:
50% of the account balance as at the end of the financial year, preceding the current year, or
50% of the account balance as at the end of the 4th financial year, preceding the current year.
1. Download the PPF Withdrawal Form (Form C) from your bank's website online or you can get it from the bank branch. There are three sections of the PPF withdrawal form that you need to fill.
(a) Declaration section: Here you have to provide your PPF account number and the amount of money, which you wish to withdraw. Besides that, you need to specify for how many years the account has been active
(b) Office-use section: Here, you need to fill the details like date of account opening, current total balance, date of previous withdrawal (if any), total withdrawal made from the account, etc.
(c) Bank details section: Bank account number and other required details of the account in which the withdrawn amount should be credited
2. Enclose a copy of PPF passbook along with Form C.
3. Submit the same at your respective bank branch.
IND vs AUS 1st Test: KL Rahul's dismissal sparks DRS controversy in Perth Test
Oreshnik Hypersonic Missile: Which nations are within its range?
Bihar teacher, principal reach school in drunken state; know what happened next
'I have faced a lot of...': Arjun Kapoor REVEALS his biggest fear amid break up with Malaika Arora
How millions of Indians may get affected due to US indictment of Gautam Adani in bribery case
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan says 'missing someone is okay but...'
After Bibles, watches and sneakers, Donald Trump is now selling autographed guitars, price is...
Delhi pollution: Air quality improves to ‘very poor’ category, AQI at...
Vladimir Putin's BIG threat, warns he could strike UK with new ballistic missile if...
Shillong Teer Results TODAY November 22, 2024 Live Updates: Check winning numbers here
Somebody misbehaved with Alia Bhatt on Highway sets then Imtiaz Ali had to...
Zomato CEO Deepinder Goyal reveals twist behind Rs 200000 job fee, closes application window
Days after Ratan Tata's demise, Tata Group's Rs 131000 crore company inks pact with ADB for...
WATCH: Woman makes Biryani with Parle-G biscuits, viral video fumes internet
Only train in India in which passengers can travel for FREE; check route, timings and more
'Justice for biryani': Parle-G biryani takes internet by storm, video goes viral
DNA TV Show: Why Gautam Adani charged with bribery and fraud in US
IND vs AUS: Records Virat Kohli can break during Border-Gavaskar Trophy
Diljit Dosanjh fans get angry over Ananya Panday's birthday post for her grandmother, here's why
Reddit suffers outage with ‘upstream connect error’ message, says 'currently investigating...'
Border-Gavaskar Trophy: How has Jasprit Bumrah fared in Tests in Australia?
Delhi records coldest night of the season, temp drops to...
Crossing the Line: Ukraine's Use of Storm Shadow Missiles and the Escalation of Conflict
When Malaika Arora talked about the controversial ‘instant pleasure’ ad, it was for…
This is the world’s most expensive shopping street, not Fifth Avenue, New Bond Street, it is...
Big setback for Gautam Adani, Kenya cancels Rs 6216 crore deal with Adani Group due to...
Viral video: Man’s jugaad to stay warm in winter will leave you SHOCKED, watch here
Hinduja Group firm gets key approval for acquisition of Anil Ambani's debt-ridden Reliance Capital
Viral video: Middle-Class man lives dream of having tea at Taj Hotel, netizens applauds
Shloka Mehta looks stunning in white floral kurta as she clicked with Akash Ambani, it costs Rs....
Who is Sagar Adani, Gautam Adani's nephew, accused of bribery, fraud charges in US?
PayPal down: Several users face issue while logging into accounts, say 'no one could...'
IND vs AUS: Jasprit Bumrah, Pat Cummins eye historic captaincy milestone in Perth Test
BGT 2024, Ind vs Aus: Can Shubhman Gill be the new Cheteshwar Pujara? Is he really ready?
The Ultimate Guide to Luxury Gifting: Discover Heirloom Pashmina by Pashmina.com
Effortless Relocations: The Perks Of Professional Removalists In Melbourne
Watch: Pakistan fan with 'Imran Khan' poster asked to leave Hobart stadium in Australia
International Criminal Court issues arrest warrant against Israeli PM Benjamin Netanyahu for...
What is demisexuality? Everything you need to know about this lesser-known sexual orientation
WATCH: World’s shortest woman meets world’s tallest woman, video goes viral
IND vs AUS 1st Test: Predicted playing XIs, Perth weather forecast and pitch report
IND vs AUS: When will Rohit Sharma join India squad? Check latest update
'Scam 2024': Diljit Dosanjh lookalike pranks people on Pune streets, video goes viral
Delhi Air Pollution: Centre announces staggered work timings for govt employees; check details
Mukesh Ambani's Reliance Jio loses nearly 80 lakh subscribers in just 30 days, BSNL adds...
IND vs AUS, 1st Test Dream11 prediction: Fantasy cricket tips for India vs Australia match
This country has most expensive passport in world, not US, UK, UAE, it costs Rs...
Amitabh Bachchan opens up on Aishwarya Rai-Abhishek Bachchan divorce rumours
Amid rising air pollution, Delhi-NCR's crematorium records cleanest air; check AQI here
Revolutionising Medical Imaging: Venudhar Rao Hajari’s impact on healthcare technology
Abhishek Gupta and Onevision Media: Scaling brands on social media
Video shows Korean girl eating jalebi for first time, her reaction to Indian sweet goes viral
Cristiano Ronaldo confirms THIS YouTube star as his next guest, says, 'Will break Internet'
Delhi Assembly Elections: AAP releases first list of 11 candidates for 2025 polls
Adani Group's FIRST REACTION after US indicts Gautam Adani in alleged bribery case
Instagram introduces new feature, know how to reset app's algorithm, change your feed
No mention of Aaradhya Bachchan in Amitabh Bachchan's post on birthdays, it happened recently
Oppo Find X8 and X8 Pro launched in India, check specifications, price, other details
Charges against Gautam Adani: BJP's scathing attack on Congress, questions timing of development
Jasprit Bumrah's BIG statement on taking up Perth test captaincy, says, 'tactically better...'