One very common question which people often ask is How to withdraw money from PPF (Public Provident Fund) accounts. So below is the step by step procedure.
The investor can withdraw the money from PPF account after 15 years. The entire fund can be withdrawn from PPF accounts on maturity. Partial-withdrawal option is also available from the seventh year of opening the account.
Only one partial withdrawal is allowed every financial year. Premature closure of the PPF accounts is also permitted after five financial years on certain specified grounds.
If you wish to withdraw money from PPF account either partially or in full, follow the steps:
Here is a step-by-step process on how to withdraw funds from your PPF account in bank
Step 1: You can download PPF withdrawal form or Form C from the bank’s website. It can also be collected from your bank branch.
Step 2: Fill the Form C asper the instructions
Step 3: You need to enclose your PPF passbook along with this application form. At the end, add a revenue stamp on the form and sign it.
The approved amount gets credited directly into your savings account with the relevant bank or you can request for a demand draft
PPF withdrawal: Can you withdraw PPF online?
“The banks have not fully automated the PPF withdrawal process yet. So, the investors will have to visit the concerned bank branch with whom they have opened a PPF account. Online PPF withdrawal is limited to checking the eligible withdrawal amount online through the net banking facility. However, the investors are required to fill in Form C and submit it at the concerned bank branch or post office
If you want to open a PPF account, or make partial withdrawal, or to know more schedule a call with us at 9460825477