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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
How to withdraw funds from PPF or even close the account prematurely
Subscribe to enjoy similar stories. While the Public Provident Fund (PPF) has lost some of its sheen over the years as interest rates have slipped gradually — 7.1% at present — several investors still prefer it given the tax benefits it offers, the safety of government backing and stability as a debt investment. Although the PPF has a 15-year maturity, there are rules and conditions for the withdrawal of funds from the account before maturity.
To be eligible for a loan against PPF, you need to wait for the completion of one full financial year from the end of the financial year in which the account was opened. Effectively, you can take a loan against PPF from the beginning of third financial year. The limit for a loan is 25% of the balance at the end of second preceding financial year from the year in which the loan application is made.
So, if you plan to take a loan on 31 March 2025, the limit would be 25% of the balance at the end of 31 March 2023. The loan window is available only for five financial years from the end of the year in which you opened the account. After this, you don’t need a loan because partial withdrawals can be made from your PPF account.
More on that later. On the loan front, the interest rate charged is the PPF rate + 1%. The loan can be repaid within 36 months.
After the principal is fully paid (in instalments or as a lumpsum), the borrower can pay the remaining interest in not more than two instalments. If the loan is not repaid within 36 months, the interest rate is revised to the PPF rate + 6%. If the principal is repaid within 36 months and interest is still due, the outstanding interest can be recovered from the PPF account.
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