You can close the account after completion of 15 years or the expiry of 15 years from the close of the financial year in which the initial subscription was made.
In case of death of the account holder, the balance amount in the account of the deceased account holder will be paid to his nominee or legal heir, as the case may be, even before expiry of 15 years. The nominee or legal heir cannot continue the account by making fresh subscriptions to it. If the balance in the amount is more than Rs. 1 lakh, then the legal heir or nominee has to prove identity and provide the relevant documentation to claim the amount in the PPF account.
Your PPF account can be transferred at the request of the subscriber from one office of SBI or its associates to the Head Post Office or vice versa. A PPF account cannot be transferred from one person to another.
I opened a PPF account in Noida,U.P. in 2006-07. Now I have relocated to Bareilly, U.P.
Please suggest the procedure I need to follow for getting my PPF account transferred to Bareilly.
Hi,
I have a ppf account , after 15 years of maturity can i use it as just like savings account,or i have to withdraw complete amount in one go??
Hi Sumeet, PPF account is not saving account and you cannot operate PPF account like a saving account. After completing 15 years you can withdraw whole amount and deposit in your saving account. All withdrawal money is tax exempted. Or you can further extend your PPF account for more 5 years.
Thanks
Dear Madam
If I wish to extend the tenure of PPF after 15 years, what I am supposed to do. Can it be extended for five years more after 15+5=20 years. Kindly inform.
Yes you can extend your ppf account for 5 years slot after completing 15 years.
hello madam,
can we vary the deposited amount ? like if i deposited 1 lakh /year in one year, can i increase or decrease the amount in next year ??
Yes Rohit, deposited amount can be vary. But not more than 1 lakh/year.
thnx a lot
mera ppf ac sbi branch m h….kya m isse ab other city m kisi bhi bank m transfer kra skta hu ya only sbi bank me
Yes you can transfer your ppf account by using this fill up & submitting this form : SB10-b-ApplnforTfrofAccnt
my ppf a/c is in sbi Mumbai.I want to transfer my ppf a/c from sbi Mumbai to sbi Vadodara.how to proceed? can it be done without visiting sbi Mumbai?
Yes you can transfer your ppf account by using this fill up & submitting this form at your SBI Mumbai Branch : SB10-b-ApplnforTfrofAccnt
How can I check my PPF account balance online?
If your PPF account in SBI bank and a Saving account in same bank in that case you can associate your PPF account with your saving account and after that in your saving account online portal you can see your ppf account balances.
i have open my account 24/4/1999, after 15 year which is 24/4/2014. can i closed my ppf account today and withdrew my deposit money. because sbi bank say you can closed only 2015 because closing finances year is 2015. as per your date when you open the ppf account. is that true???
You can close your PPF account and withdraw your deposit after completing 15 Financial Years. In 16th financial year you can close or withdraw your deposits. So you can withdraw your deposits after 01-Apr-2015.
How many times can I extend my PPF accounts for 5 years?
As much you can…
I hv opened my ppf a/c on 15-Feb-94; it was extended for 5 years upto 01-Apr-2014;
Can I extend my ppf a/c for a term of another 5years??
Yes you can extend your ppf account for 5 years slot.
My mother has been hospitalised since one year. She has an PPF account with Bank.The account opening date is 3rd march 2006.Now we want to withdraw whole amount of rs 108231.00, but bank is saying you can withdraw only 50% of balance as on 31st March 2011.As we have urgency and her situation is critical.can you suggest us any option or procedure for withdrawal of full amount.
Apply for closure of ppf but withdrawal will take little time you wont be able to instantly withdraw the amount.
my had dad has expired recnetly and my mother was the nominee. she gave an application for withdrawal which was about 10.2lakhs from bank of india, pune. we did not ask them for pay order still they issued po and deducted 3700 as charges. they are refusing to give details of these charges and vague answers are given.can you please tell me what i can do in this matter.
You have the right to know about the charges deducted. if the bank officials do not provide sufficient info the lodge a complaint with you concerned bank obudsman deptt. or rbi obudsman deptt., they will resolve your query. complaint to rbi obidsman deptt. can be filed online through rbi website.
OR
There are banks who do not have their own legal dept who can guide the legal heirs on the procedures to be followed by them in the event of death of an account holders. In such cases, they forward the documents to a lawyer to check the validity and then approve the claim settlement. Your bank may have charged you legal fees. But still, confirm with the bank.
I started my PPF a/c on Feb 1999, it matured on April 2014. I want to withdraw the total amount on Nov 2014. Now The amount I will get on Nov 2014 will be same amount as on 1st April 2014 or with the interest ( what % ) of the period between April 2014 to Oct 2014 ?
If you apply for withdrawal during Nov’14, then maturity proceeds will be paid to you with interest up to Oct’14.
Refer Para 9(3) of the Public Provident Fund Scheme, 1968.
Notwithstanding the provisions of sub-paragraph (1) any time after the expiry of 15 years from the end of the year in which the initial subscriptttion was made by him, a subscriber may, if he so desires, apply in Form C or as near thereto as possible together with his pass book to the accounts office for the withdrawal of the entire balance standing to his credit and the accounts office, on receipt of such an application from the subscriber, shall subject to the provisions of sub-paragraph (4) allow the withdrawal of the entire balance (together with interest up to the last day of the month preceding the month in which the application for withdrawal is made) after making adjustments, if any, in respect of any interest due from the subscriber on loans taken by him and close his account.
Rate of interest shall be as notified by the Central Government in the Official Gazette from time to time.
I have opened a PPF account in Ahmedabad- Gujarat.
My job is transferable.
Can I transfer the account to any SBI branch in West bengal , after operating 6-12 months.
For this you need to contact to bank for better understanding
No. We cant transfer PPF account from one branch to another SBI branch too.
You can transfer the PPF account. In fact I have opened my PPF account in PNB, Janakpuri, New Delhi which was nearest to my office at that time.
When we moved to Nehru Place, in New Delhi I got the PPF account transferred to PNB, Nehru Place branch.
Even the account is transferable to any branch of Post office or nationalised banks or private sector banks, if the branch is authorised to operate ppf accounts. It is given in the PNB’s site. link is given below
http://www.pnbindia.in/en/ui/content.aspx?id=1158
I have a PPF account and applied for new PPF a/c in spouse,s name from a joint saving a/c in SBI. But the a/c was opened in the first holders’ name i.e. me . Now it became two PPF a/cs in my name and I am also the nominee for my second a/c. How to resolve the issue when two deposits have already been made in the new a/c.
Only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor.
If, at any point, it is detected that you have two accounts, the second account you have opened will be closed, and you will be refunded only the principal amount, not the interest.
You cannot open a joint account with another individual. The account can only be opened in one person’s name. You are free to nominate one or more individuals.
you can’t take benefit for deposit in both the PPF account.
dear suruchi,
i opened a ppf a/c on 4th may 2000, what will be my maturity date, how do i go about claiming my money, will i have to inform the ppf dept or inform the bank where i have the ppf a/c, what is the procedure to be followed, will i receive a cheque or will i get credit in my bank account,
Dear Sunil,
You may visit the bank where PPF account is opened, and they will give you withdrawal form to fill. In the form you can mentioned that you want a cheque or credit on your other bank account.
thanks a lot suruchi, but you havent answered what will be the maturity date, i do not want to withdraw prematurely, i have 4 a/cs myself, wife, 2 daughters, daughters are in college, 1 will graduate next year, 2nd will start graduation next year, can you advice weather i should continue with ppf for a further period of 5 years or should i withdraw the money and hold it in some other investment.
Your most welcome Sunil Ji, PPF account maturity date is not a fixed date. Hence you have started your ppf account after completing 15 financial years you can withdraw your whole money in between 16th financial year(any date of this year). I suggest you to continue you ppf accounts for further 5 years because you have 2 daughters and both are currently studying, at the time of her marriage you can withdraw this money for her marriage. This is my suggestion because PPF gives you the highest interest rate with all safety points.
A PPF account holder dies. His legal heir claims the balance and credits the same to his account. Is this amount [more than 10 lacs] attracts tax? Otherwise the legal heir is not an income tax assessee
PPF amount is non taxable when received in the hands of legal heir, it doesn’t matter how much money is that
I opened PPF account during Sep1993. After completion of 15 years it was extened by 5 years. Hence it must be due during Sep2013 and I should be allowed to withdraw now or during Apl 2014 after financial year. But my agent told me that it can be withdrawn only during Apl 2015. Is it true,
R Srinivasan
21.02.14
You were entitled to close and withdraw the monies from PPF account in September 2013 itself. Why April 2014 and/or 2015? !!