PPF, Public Provident Fund takes 15 years to mature which restricts the account holder to withdraw any money from the account for the mentioned period of time. However, the scheme does offer a helping hand to the people who would like to make an early withdrawal which is termed as Partial or Premature Withdrawal.
We will talk about premature or partial withdrawal in this article. Keep reading the article if you happen to be the person looking for partial withdrawal.
When can I make Partial Withdrawal?
Not everybody can benefit from this option and the timing is really important for Partial Withdrawal. Read the following points to learn when can you withdraw your partial money from your PPF:
- Account holders can withdraw money in the 6th financial year of account creation.
- They can withdraw money only once in every financial year.
Steps for Partial Withdrawal
Here are the steps you need to follow in order to make your premature withdrawal with PPF:
- You need to fill a Form C in order to initiate the process of PPF withdrawal.
- You can download this form by going to your bank’s website or visiting the bank itself.
- The first of the three parts of the form requires you to put your PPF account number, the amount to be withdrawn and the age of your account.
- Second section needs to learn about the history of your account like date of account opening, current total balance, date of previous withdrawal (if any), total withdrawal made from the account, etc.
- The last section wants to know where to transfer your withdrawal.
- Enclose a copy of PPF passbook along with Form C filled completely and correctly.
- Submit the documents in your respective bank branch.
In case you do not want your money to be transferred to your bank account, you can ask the bank to issue a Demand Draft for the same.
Also, do not forget to affix a revenue stamp and sign your form.