PPF Account Premature Closure : Latest Rules & Eligibility Amount Calculation

  • bhaskaran sundaram says:

    what is the tax implication on ppf maturity of 15 years on the money principal and interest accumulated.

  • Khyati says:

    Hi, I have ppf account in ICICI bank. Now i want to close my saving account from this bank. Will i get my PPF money with this closure?

    • Sreekanth Reddy says:

      Dear Khyati,
      PPF has certain exit rules.
      There is no need to close PPF account, you can continue it and deposit the amount periodically from your any other bank account.

  • DK Singh says:

    Hello Sir,
    Plz Help me.
    I opened ppf account in Aug 2016, but i have urgent work for money in oct 2018, can I Close my ppf account, any how… plz reply me as soon as possible. plz advise me if any possibility to close my account.

    • Sreekanth Reddy says:

      Dear Mr Singh,
      Kindly go through the points given in the above article under the section – When can I close my PPF Account prematurely?

  • Sushil patil says:

    Sir,please help me.
    Where i should submit the documents.
    Sbi manager are unaware of the process.
    They told me that its a government money so i hav to go to ministry of finance office to submit the documents.
    Whats is the procedure sir.
    If u know please let me know sir.
    Just bcz sbi staff don’t know anything about premature closure of ppf.
    How i can get my money. And in how many days .thanking you
    Please please help me sir

  • pavan says:

    having one query regarding PPF premature closure . Banks credits the interest amount on the basis of minimum balance of every month after 5th day of closing . so If i am going for premature clsoure then it will deduct 1% from monthly calculated Interest or from the total interest coming for a financial year.I am asking becoz there is considerable difference. Another query is if they deduct it from montly interest amount then if for a financial year ROI has been changed then how bank will calculate it.

  • AM says:

    Hi,

    Is it possible to close the PPF account after completion of 15 years but it was extended for 5 years after that ? To be more clear, the PPF account was extended for 5 years after 15 years, but i would like to close it before completion of extended period of 5 years. What is the procedure ? Any penalty will be applied ?

    • Dear AM,
      You will be allowed to withdraw 60% of the balance at the beginning of each extended period (block of five years). This can be single withdrawal or in installment in each year. It means, let us say the account matured on 1st April, 2016 and the available balance is Rs.1 Cr. Then, you are allowed to withdraw 60% of this Rs.1 Cr during the block period of 5 years i.e. Rs.60 lakh. You can withdraw Rs.20 lakh in 1st year extension, Rs.10 lakh in the second year and Rs.5 lakh in the third year and so on until 5 years extension matures.

  • prince says:

    Hello,

    in PF passbook page there are 3 columns are there 1. employer contribution 2. employee contribution and 3 pension contribution, in this we will get pension contribution?

  • VINUTHA says:

    WEBSITE TO CHECK PF AMOUNT THATS BEEN ACCRUED IN MY ACCOUNT

  • Deepak says:

    Hello Sreekanth,

    I saw in yesterday’s paper that ppf (post office) can be 100% withdrawn without any pre conditions. Meaning I don’t need to show proof of neediness.

    Is this authentic? I tried to search in gazette of India. It’s too difficult to search there. Maybe you have accurate information on this?

    Thanks.

  • Suresh says:

    Sir,

    i would like to buy a ‘Term Insurance plan” and also “LIC Jeevan Anand” plan.
    is it advisable to take both the plans?
    kindly reply.

  • Madhusudan kakirde says:

    Sir,
    For premature withdrawal, penalty of 1% is recovered. This rule is applicable in case of death of an account-holder?
    please clarify.
    Regards
    Madhusudan kakirde

  • SARVESHWARA NAND says:

    DEAR SIR,
    MY AGE IS 46 YEAR AND I AM WORKING IN A PVT LTD COMPANY SINCE LAST 5 YEARS. CAN I OPEN MY PPF ACCOUNT AND HOW. WHAT IS THE MONTHLY CONTRIBUTIONS FOR THE SAME.

    PLEASE ADVICE ME.

    • Dear SARVESHWARA..Yes, you can open PPF account (in post office / authorized banks). A minimum yearly deposit of Rs. 500 is required to open and maintain a PPF account, and a maximum deposit of Rs.1.5 lakhs (as on Financial year 2015-2016) can be made in a PPF account in any given financial year.
      Monthly contributions are not mandatory.

  • Bijay Shrestha says:

    I am a Nepali Citizen. I am residing in India for last 8 years.

    I own PAN card, Voter ID and a Bank Account.

    Please advise me if I can open a PPF Account

  • dipak says:

    Hi,
    MY salary rs.27500 but yet not applicable PF company , to apply company for PF what about salary & PF calculation ??

  • Ravi Paandey says:

    Every time I ask a question on this blog I get an e mail asking to click ( perhaps) a web address.The address is not clickable and that is the end of that question

    • Dear Ravi,
      I could see that you have posted (till date) 3 comments and I have responded to all the three.
      Kindly note that the link you get in email is for ‘getting email alerts if I respond to YOUR comments’. You may choose to ignore those emails if you wish so.

  • AHMAD HUSSAIN says:

    IF I WILL TAKE PF ADVANCE CAN YOU GUIDE ME IT IS RE SUBMISSION AMOUNT OR WHAT.

  • Sreedhar says:

    Good information!!!

  • GAURAV says:

    HI IS IT POSSIBLE TO SHIFT YOUR PPF ACCOUNT FROM POST OFFICE TO AXIS BANK? AND HOW TO DO IT,

  • Sumit says:

    Rs 13,37,170 as the withdrawal amount— he is a typo it should be Rs.137170.

  • Kusum rathod says:

    Thanks for sharing these info sir.. Very useful

  • Srini says:

    Superb Info Srikanth ..Thanks !

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