Premature PPF Withdrawal Allowed. Here Are The New Fred Rules - CiteHR
Prime Sponsor - FactoHR.com - Payroll Software with GPS Enabled Attendance, Travel, Performance Management, HRMS. Explore Features
Premature PPF Withdrawal Allowed. Here Are The New Fred Rules

The Finance Ministry on Monday said subscribers of the Public Provident Fund (PPF) can prematurely close the deposit scheme after completing five years for reasons such as higher education or expenditure towards medical treatment.

"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 recognised institution in India or abroad.

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

With regards,

Nanjegowda

9945282846
Cite.Co is a repository of information created by your industry peers and experienced seniors sharing their experience and insights.
Join Us and help by adding your inputs. Contributions From Other Members Follow Below...
Prime Sponsor - Talentedge.com "Interactive Anywhere Learning". Executive courses from top reputed institutes like IIM, XLRI, MICA. View Courses
This discussion thread is closed. If you want to continue this discussion or have a follow up question, please post it on the network.
Add the url of this thread if you want to cite this discussion.






About Us Advertise Contact Us
Privacy Policy Disclaimer Terms Of Service



All rights reserved @ 2019 Cite.Co™