Now you can withdraw PPF just after 5 years of its maturity.The Deposit Scheme Public Provident Fund (PPF) can prematurely be closed after completing five years in respect to higher education or expenditure towards medical treatment  stated by the Finance Ministry on June 20th, 2016.

 

 

“A subscriber shall be allowed premature closure of his account or account of a minor of whom he is the guardian on ground that amount is required for treatment of serious ailments or life-threatening diseases of the account holder, spouse or dependent children on production of supporting documents from competent medical authority,” the Finance Ministry said

in a notification.

 

The notification further said the allowance will be applicable to the requirement of higher education of the account holder or the minor account holder on production of documents and fee bills in confirmation of admission in a recognized institution in India or abroad.

 

It, however, added that such premature closure shall be allowed only after the account has completed five financial years. 

 

 

Please visit us at Taxmantra.com-ITR filing for any support, query or feedback.

 

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