According to the PPF rules, every account holder gets the facility of partial withdrawal only once in every financial year.
Corona disease has taught us that we can need money at any time. For this, it is necessary to maintain adequate emergency fund with you for future security. PPF (Public Provident Fund) is one of the most popular savings schemes for future security. However, we will not fund it as an emergency fund as its money is locked for 15 years. However, we can definitely withdraw partial money deposited in PPF after 7 years.
What is the rule of PPF
As we mentioned that this is a provident fund, that is, the money deposited in it matures after 15 years. We can withdraw the money deposited in it only after maturity. But considering the future uncertainties, it also offers the facility of partial withdrawal. User can withdraw partial amount after seven years of account opening.
Permission once in every financial year
As per PPF rules, every account holder gets the facility of partial withdrawal only once in every financial year. The PPF account can be prematurely closed after five years on certain grounds. If you want to withdraw some or all of the money from the PPF account, then you have to fill Form C in the bank or post office.
What is the process of withdrawal from PPF
The process of withdrawing money from PPF is quite simple. For this, you can download the PPF withdrawal form by visiting the bank’s website. It is also called Form C. You can also get this form from the bank branch.
Fill your details in Form C
You have to fill your details in Form C. This Form C consists of three parts. The first part of this is the declaration. In this, you have to enter your PPF account number and the amount to be withdrawn. Here in a column, you are also asked the duration of this account. If you are withdrawing money from the account of a minor, then his name will also have to be entered. The second part is of official use. In this, the date of opening of bank PPF account, total amount, date of withdrawal, amount available, sanctioned amount is entered. After entering these information you have to sign yours.
These documents have to be given
After filling the PPF Withdrawal Application Form completely, you have to affix a revenue stamp on the form and sign it. Along with this you have to give your PPF passbook. The sanctioned amount is directly credited to your savings account. You can also request for Demand Draft.