It is to be noted that some banks or post offices may require additional documentation or verification before processing the withdrawal request.
PPF Withdrawal Process: Public Provident Fund or PPF is a popular long-term investment scheme in India. The PPF scheme allows investors to deposit a minimum of Rs 500 and a maximum of Rs 1.5 lakh per year for a tenure of 15 years. The interest rate on PPF is decided by the government and is currently at 7.1 per cent per annum.
PPF has a lock-in period of 15 years, which means that the investors cannot withdraw the money before the end of the term. However, there are some exceptions where partial withdrawals can be made. These are as follows:
After completion of 5 years: An investor can make a partial withdrawal from the PPF account after completion of 5 years from the date of opening the account. The maximum amount that can be withdrawn is 50 per cent of the balance at the end of the fourth year, or the balance at the end of the preceding year, whichever is lower.
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For medical treatment: One can withdraw money from the PPF account in case of medical emergencies for himself or any family member. The maximum amount that can be withdrawn is 50 per cent of the balance at the end of the fourth year or the balance at the end of the preceding year – whichever is lower.
Higher education expenses: A PPF account holder can withdraw money from the PPF account to fund the education expenses of himself or any of his children. The maximum amount that can be withdrawn is 50 per cent of the balance at the end of the fourth year or the balance at the end of the preceding year – whichever is lower.
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In case of the death of the investor: In such cases, the nominee can withdraw the entire balance from the PPF account.
How To Withdraw Your PPF Amount Online?
To make a PPF withdrawal online, you can follow below mentioned steps to withdraw money:
Step 1: Log in to your PPF account on the website of the bank or post office where you have opened the account.
Step 2: Once logged in, navigate to the “Withdrawal” or “Partial Withdrawal” section and select the amount you wish to withdraw.
Step 3: Enter your bank account details, including the account number and IFSC code, in which you want the withdrawn amount to be credited.
Step 4: Submit the withdrawal request and wait for confirmation.
Step 5: Once the withdrawal is processed, the amount will be credited to your bank account.
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It is to be noted that some banks or post offices may require additional documentation or verification before processing the withdrawal request.
