How do you Withdraw the PPF Amount?
To withdraw the amount from your Public Provident Fund (PPF) account, you need to follow these steps:
1. Check Maturity: PPF accounts have a maturity period of 15 years. You can withdraw the entire amount only after the completion of this period.
2. Fill Withdrawal Form: Visit the bank or post office where your PPF account is held and obtain the PPF withdrawal form. Fill in the required details accurately.
3. Submit Documents: Along with the withdrawal form, submit your PPF passbook and any other necessary documents as per the bank or post office’s requirements.
4. Specify Withdrawal Amount: Indicate the amount you wish to withdraw. You can choose to withdraw the entire balance or a partial amount, but ensure it complies with the PPF withdrawal rules.
5. Signatures: Sign the withdrawal form and any other documents as required.
6. Process Time: The withdrawal process typically takes a few days to be completed. The amount will be credited to your linked bank account or provided to you as per your instructions.
7. Tax Implications: Keep in mind the tax implications of PPF withdrawals. While the principal amount and interest earned are tax-free, if you withdraw before the completion of five years, the interest earned becomes taxable.
8. Closure of Account: If you withdraw the entire amount, your PPF account will be closed. If you wish to keep it active, ensure that the minimum balance requirements are maintained.
9. Keep Records: Maintain records of the withdrawal transaction and any related documents for future reference.