Public Provident Fund or PPF, a fund to meet the retirement expenses, can be withdrawn and closed from now on under the new rules after the fifth financial year of its opening in case of medical urgencies and education needs.
Like with other financial instruments, is withdrawal of the corpus from the fund an easy process and can it be executed from any of the bank branch or has to be done necessarily from the home branch where the PPF account was opened?
Some of the Public Sector Banks allow you to withdraw your PPF proceeds from any of the branch irrespective of the branch where you first opened the account. It is to be noted that the facility is not available with PPF account with Post Office. Know how you can open the PPF account with Post Office in easy steps, here
Let's understand the procedure
1. Get your KYC documents and Form C ready: Form C that has to be filled up for PPF withdrawal, along with PPF passbook if in case was issued as well as your ID and address proof has to be made available.
2. Cancelled Bank Account Cheque: Cheque of the bank account to which you wish your PPF proceeds to get credited has to be furnished.
3. Visit the local bank branch: Provide the banker with all the details stating that you wish to get the withdrawal from your PPF account. The bank shall make the necessary attestations done and would require you to sign some documents in their presence. They may even put the bank's seal to confirm the attestation process is complete.
4. Local Bank Branch/you Yourself send documents to home branch where you opened PPF account: In most cases banks themselves send all the documents to the base branch for further processing of your claim. But do not forget to take the acknowledgement from the institution as a supporting for future course of time.
5. Base bank branch credits your PPF proceeds by NEFT or RTGS.
The process can be adopted not in just of withdrawals on maturity but also in case of partial withdrawals.