Closure of PPF account
BRIJESH L PATEL
(Querist) 06 August 2014
This query is : Resolved
Dear Sirs, I m having a PPF Account with SBI since 2009. Can i close PPF account due to urgent want of funds....is there any procedure for closure of PPF Account before maturity. Pls advise.
Kumar Doab
(Expert) 06 August 2014
The nearest branch of SBI that opens SBI a/c may be contacted.
Anytime after the expiry of five years from the end of the financial year in
which the initial subscription is made, the subscriber can partially withdraw but not
more than fifty percent (50%) from the balance that stood to his / her credit at the
end of the fourth financial year immediately preceding the year of withdrawal or at the end of the preceding financial year whichever is lower, less the loan amount (if
any). Only one withdrawal is allowed per financial year.
Rajendra K Goyal
(Expert) 06 August 2014
• Premature closure of a PPF Account is not permissible except in case of death. Nominee/legal heir of PPF Account holder cannot continue the account after the death.
• Premature withdrawal is permissible in the 7th year of the account subject, to a limit of 50% of the amount at credit preceding three year balance. Thereafter one withdrawal in every year is permissible.
You have to continue with the account till maturity.
