Other than investing in long term deposits like Paytm Payments Bank fixed deposits, recurring account, and more, investing in PPF is considered a good option. By investing in the PPF scheme, an individual is given the opportunity to build a retirement corpus along with getting tax benefits and more.
The lock-in period of the PPF scheme is 15 years, before that, an individual cannot redeem the complete amount from the account. However, under some circumstances, partial withdrawal is allowed but that can be done only after the completion of 6 financial years. There are certain terms and conditions that have to be followed to withdraw the partial amount from the PPF balance.
In this blog, we will discuss how to make a partial withdrawal from the PPF balance and the guidelines related to it.
How to withdraw money from a PPF account?
A lock-in period of a PPF account does not allow one to withdraw an amount from the account; however, partial withdrawal is allowed under some circumstances. An individual can withdraw money from the account only after the completion of 6 years and that too on medical or educational grounds. Following are the steps to partially withdraw an amount from the PPF account-
- Fill the Form C to bank
- Enter all the required details in the form like PPF account number, amount to be withdrawn, the total number of financial years completed since the opening of the PPF account
- Submit the form along with the PPF passbook
- The bank will further check all the details written on the form along with the eligibility of the account holder for the amount withdrawal
- Upon completion of the above-mentioned process, the amount will be credited to the account holder savings account
What are PPF withdrawal limits?
Listed below are the rules associated with PPF premature withdrawal-
- Premature withdrawal can only take place after the completion of 6 years
- The amount to be withdrawn has a limit assigned to it
- In case of taking a loan against the PPF account, the amount will be deducted from the withdrawal amount
- Only one withdrawal is allowed per financial year
How to check the PPF balance online?
Following are the steps to check PPF balance online-
- Link your existing bank account with the PPF account
- Net banking facility should be activated to check PPF balance online
- Next, log in to the bank’s net banking portal
- Locate a section to check PPF balance and status
- The process to check PPF balance might vary from one bank to another bank online
- In case of an inactive net banking facility, it is advised to get it activated at the earliest
- It is advised to link the existing bank account with the PPF bank account to perform various bank related transactions
How to check PPF balance offline?
There is a second way to check the balance offline too. Following are the steps to check PPF balance offline-
- Visit the bank’s branch through which you have opened your PPF account
- Get the PPF passbook updated by connecting with the banking personnel
- The PPF passbook offers an overview of the transactions, current PPF balance details, etc
- Upon opening a PPF account with a bank, it provides a passbook that contains all the details like PPF account number, bank branch details, account balance, details of the transactions, etc
How to check PPF balance through the Post office?
Banking facilities are still limited in remote and rural areas, thus, post offices are made available to serve the same purpose. An individual can open a PPF account by connecting with the post office personnel. The post office after opening the PPF account provides a passbook that contains PPF based details and transactions. To check the PPF balance, following are the steps that are required to be followed-
- Upon opening a PPF account with the post office, you will be given a passbook
- Get the passbook updated at regular intervals to check PPF balance
- The passbook carries all the PPF related details like PPF account number, number of transactions, total balance, etc.
List of forms to be used for the PPF scheme?
Below is the list of forms that can be used to avail features and benefits of a PPF scheme-
|Form A||To open a PPF account|
|Form B||To make a deposit into the account or to make repayment of the loan|
|Form C||To obtain the partial withdrawal|
|Form D||To request a loan|
|Form E||For making a nominee|
|Form F||For making changes to the account details|
|Form G||To claim funds in the account either by a legal heir or nominee|
|Form H||For extending the tenure of the account|