Public Provident Fund (PPF) is one of the small savings schemes. Actually this account matures in 15 years and after its maturity you can close the account by withdrawing the deposit. Similarly, if you want, you can extend your account for five years with or without constitution. Yes, let us also tell you that PPF account can be opened by any Indian, but you hardly know that you can close PPF account without maturity. Today we tell you about it.
Actually, in the event of breakup of PPF account holders, spouse and their children, the entire PPF can be withdrawn. Yes, you can also withdraw full money from PPF account for children’s education. Similarly, if you become an NRI, you can close your PPF account in this situation as well. Also, PPF account can be closed only after completion of 5 years of opening. Actually, on doing so, interest will be deducted at the rate of 1 percent from the date of account opening till the date of closure of the account. Similarly, if the account holder dies before the account’s PPF account matures, the nominee can withdraw the entire amount, even if the account has not been opened for five years. At the same time, the account is closed after the death of the account holder. Nominee cannot continue with that account.
At the same time, senior citizens can now send the authorized person to bring money on their behalf. That is, he can get money sitting at home. For this, they have to fill and sign the SB-12 form. Only literate senior citizens will be able to use this facility. In the case of the same survivor, he can sign the form authorizing the personnel. At the same time, account holders also have to sign SB-7 form or SB-7B form for account closure or partial withdrawal. The same person will also have to submit the self attested copy of the ID and address proof of the authorized person along with the account holder and the person will also have to submit the passbook to withdraw the money. The transaction will be finalized after the post office officials tally the signatures of the account holders and then release the funds.