A PPF account-holder can withdraw money from the PPF accounts once it matures which is after 15 years of opening the accounts. The entire corpus can be withdrawn from PPF accounts on maturity. Partial-withdrawal option is also available to the PPF account-holder, starting 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, you need to submit Form C at the bank or post office branch where the PPF account was opened
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: There are three sections in Form C
Take a look at Form C of the State Bank of India
(Source: SBI Website as on September 9,2022)
Declaration section:
The first part of the form is the declaration section. In this section, you have to provide your PPF account number and the amount you wish to withdraw from the account. Besides that, you also need to mention for how many years the account has been active.
If you want to withdraw from a minor's PPF account, his or her name should be mentioned in the form.
Also Read: PPF scheme: Here are 10 things you should know
Office-use section:
The second part of the form is for official use. This part contains the following
1) Date of opening of the PPF account
2) Total amount available in your PPF account at the time of withdrawal
3) Date of approval of your previous withdrawal if you have withdrawn money from your PPF account
4) Amount available for withdrawal in line with paragraph 9(1), 9(3) of the PPF scheme
5) Amount sanctioned for withdrawal
6) Signature of the concerned person in charge and the date
Receipt section:
The third section requires you to sign the form after filling in the amount received or being withdrawn.
PPF withdrawal form available on HDFC Bank website
(Source: HDFC Bank website as on September 9,2022)
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, according to SBI PPF withdrawal form and HDFC bank's website.
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," said Archit Gupta, Founder and CEO, Clear.
FAQs
Procedure for withdrawal: Under PPF account withdrawal rules, you will have to submit Form C, which will be available at the bank or post office. You have to mention the account number and amount you want to withdraw in the form, put your signature and stick a revenue stamp on it.
How can I withdraw my PPF from my bank account? ›
Procedure for withdrawal: Under PPF account withdrawal rules, you will have to submit Form C, which will be available at the bank or post office. You have to mention the account number and amount you want to withdraw in the form, put your signature and stick a revenue stamp on it.
How can I transfer money from my PPF account to my savings account? ›
Steps to transfer PPF account to savings account? Go to your existing bank branch along with your PPF passbook and apply for the transfer. The application should have the complete address of the bank branch where you want to transfer the account. Submit your old passbook with the existing bank.
What is the form for PPF withdrawal? ›
Form C is required to be submitted to withdraw the partial amount from the PPF account. Details such as account number, amount of money to be withdrawn, etc. are to be mentioned in the form.
How can I break my PPF account in SBI? ›
Steps to close a PPF account before maturity
For a premature closing request, PPF account holders will have to submit a duly filled Form C at the bank branch or post office where he/ she has the PPF account. The PPF will be terminated thereafter, the corpus will be credited to the bank account.
Can I transfer my PPF account to bank? ›
Visit your existing bank/post office branch along with your PPF passbook. You will be required to submit a transfer application request. On the application form, you will be required to mention the full address of the post office/bank's branch where you wish to transfer your PPF account.
When can I withdraw my PPF? ›
You can withdraw up to 50% of the amount in your PPF Account after seven years, beginning with the end of the year you made your initial contribution. You can only make one partial withdrawal each year. To withdraw funds, you must present the PPF passbook and an application to the bank/post office.
How can I transfer money from PPF account to Indian bank? ›
It can be done online via Net-banking. You need to have a PPF account number and the IFSC of the bank branch with which the PPF account is held. NEFT can be done from both savings and current accounts. You can make intra-bank or interbank transfers.
Is PPF withdrawal taxable in USA? ›
U.S. Taxation of a PPF
The reason that the PPF becomes so complex is because technically, since a PPF is generating interest income and dividends (even though it is not being distributed), it is taxable in the United States.
What is PPF withdrawal Form 19? ›
What is PF Form 19? PF Form 19 has to be filled when a member wants to go for a final settlement of his/her PF account. It is only applicable to employees who do not have a Universal Account Number (UAN). PF Form no 19 can be filed without a UAN, and the member will only have to mention his/her PF account number.
In case of employment termination, for any reason, you can use Form 31 to withdraw your EPF balance withdrawal. For partial withdrawal, like medical treatment or education expenses, use Form 31. After 10 years of service or at the age of 55, access Form 31 for the final settlement of your entire EPF balance.
Can I close my PPF account and withdraw money? ›
This is a simple process. You just need to fill up and submit the account closure form at your bank or at the post office where you have your PPF account. You can apply for the account closure and withdrawal of the corpus once your PPF account matures after 15 years.
How much can I withdraw from my SBI PPF account? ›
Can I withdraw funds from my Public Provident Fund (PPF) Account? Yes, Customer can make one withdrawal, each year after completion of five financial years (i.e., from the beginning of 6th FY). The amount of withdrawal cannot exceed: 50% of the balance at the end of the 4th immediately preceding year, or.
What happens if I stop putting money in PPF? ›
Failure to make this minimum contribution will result in your account being discontinued, and the bank will charge you a penalty once you decide to reactivate the account. Adhil Shetty, CEO of BankBazaar.com, said, “You can start a PPF investment with an amount as low as Rs 500.
Can I withdraw PPF anytime? ›
Any time after the expiry of five years from the end of the year in which the PPF account was opened, the account holder may, avail withdrawal by applying in specified Form, from the balance to his credit, an amount not exceeding fifty per cent of the amount that stood to his credit at the end of the fourth year ...
Can I withdraw money from PPF anytime? ›
You can withdraw up to 50% of the amount in your PPF Account after seven years, beginning with the end of the year you made your initial contribution. You can only make one partial withdrawal each year. To withdraw funds, you must present the PPF passbook and an application to the bank/post office.
What happens to PPF after 15 years? ›
After the completion of the 15-year tenure, investors can opt to close their PPF account and withdraw the entire corpus. This entails submitting a duly filled Form C (or Form 2 in some banks) at the respective bank branch or post office where the PPF account is held.
