The PPF scheme has a 15-year lock-in period, before that, an individual cannot withdraw the entire balance from the account. However, in certain circumstances, partial withdrawal is permitted, but only after six financial years have passed. There are certain terms and conditions that must be met in order to withdraw a portion of the PPF balance.
In this blog, we will discuss the PPF withdrawal limits and how to withdraw money from your PPF 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
- There is a limit on the amount that can be withdrawn
- In case of taking a loan against the PPF account, the amount will be deducted from the withdrawal amount
- Only one withdrawal is permitted per financial year
How to Make a Partial Withdrawal from a PPF Account?
The steps to partially withdraw money from your PPF account are as follows:
- Fill the Form C
- Fill out the form with all of the required information, such as the PPF account number, the amount to be withdrawn, and the total number of financial years completed since the PPF account was opened
- Submit the form along with the PPF passbook
- The bank will then double-check all of the information on the form, as well as the account holder’s eligibility for the amount withdrawal
- Following the completion of the aforementioned process, the amount will be credited to the account holder’s savings account