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Sunday, 18 July 2021

If you need money, you can close your PPF account 15 years ago, find out the rules here

 If you need money, you can close your PPF account 15 years ago, find out the rules here

If you need money, you can close your PPF account 15 years ago, find out the rules here


Many people are facing financial problems during the Corona period. In such a situation, many people plan to withdraw money from the Public Provident Fund (PPF) to meet their needs. But before doing so, you should know about the pre-maturity withdrawal rule from PPF and the charges levied on it. We are informing you about pre-maturity withdrawal from PPF.


Money cannot be withdrawn 5 years ago

Money cannot be withdrawn from this account for 5 years from the year of opening the PPF account. Money can be withdrawn by filling up Form 2 after this period. Money can be withdrawn in this situation.


    If there is any change in the residential address of the PPF account holder. Especially if he is leaving the country, the facility to close the account is available.

    Apart from that, if the account holder's spouse, or a dependent becomes terminally ill, he can close the account by withdrawing the full amount.

    The account holder can also take pre-mature delivery if he needs money for his or her children's higher education. For this the account holder has to provide the required documents.


Penalty will have to be paid

Withdrawals 15 years ago will be deducted 1% from your fund. This means that if a person was getting 7.1 per cent interest on the current contribution but closes the PPF account before that time, he will get only 6.1 per cent interest. That means you can withdraw money after 5 years.


Is it possible to take a loan on PPF account?

You can also take a loan against a deposit in a PPF account. If you have opened a PPF account, you are entitled to take a loan from PPF one financial year after the end of the financial year till the end of the fifth financial year. If you have opened a PPF account in January 2017, you can take a loan from 1 April 2018 to 31 March 2022. Would. You can take a loan up to a maximum of 25% on the deposit amount.

read in gujrati

The principal amount of the loan has to be paid before taking a loan on PPF, followed by interest. The capital can be paid in two or more installments or monthly installments. The principal amount of the loan has to be repaid within 36 months of the month in which the loan was taken. The effective interest rate for a loan is only 1% higher than the interest rate on PPF. Interest can be paid in two monthly installments or one lump sum. If you pay the principal within the stipulated time but a portion of the interest remains, it is deducted from your PPF account.

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