A thread about Public Provident Fund (PPF)

[amish]

You can withdraw full amount on maturity (15th year).

You can also do partial withdrawal of about 50% after 7th year (there are some rules that decide exact amount)

After 15 years you can withdraw full amount but if you dont and renew the account then on 16th year again 50% rule will apply and you will have to wait till 20 years. (i.e. another 5 years)

You can withdraw only once in a year.

PS: Looking at current market... I would say that do not withdraw money... PPF if safe investment and that too tax free.

 

[Sushubh]

Ugh. My question was when exactly can I withdraw. On the date of the first deposit in the 15th year? Or at the end of the last financial year which I guess is when they issue the yearly interest.

And I don't trust the current government to keep ppf interest tax free for the next five years.

18/6/2005 is the date of first transaction in my ppf passbook. i just want to know when i can go to bank and get out of this ppf

 

[ijsa]

The financial year you invest is the 1st year and yes you would need to invest in the 15th year. So taking the example above from @ijsa 15th April 2004 starting would be the investment for FY04-05. Investments between 1st April 2019 to 31st March 2020 would be the investment for the 15th year i.e FY19-20.

31stMarch'05 : 1st year complete....... irrespective of the date of investment in FY04-05...... whether 1/04/04 or 31/03/05...
31stMarch'06 : 2nd year complete
.....
...
31st March2019 : 15th year complete.... hence maturity can be claimed on 1st April2019....

 

[Sushubh]

So I can get out on April 1 2020?

 

[ijsa]

this is what I think....

My father also plans to get out next year...... as his extension is getting over on March'20......... he does not trust this Govt. anymore.

 

[Sushubh]

googled around and based on that information i would need to wait till april 2 2021.


Source

 

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[mhsabir]

It would be 2021... If your first transaction was between April 1- Dec 31.. It will be Apr 1 (Year + 16) .. If it was Jan 1 - Mar 31, it will be Apr 1 (Year + 15)

 

[Sushubh]

yup. kind of messed up my short term plans.

 

[Sushubh]

So i can now confirm that neft to Bob ppf works.

Cheque payment from third party bank got delayed this year due to multiple holidays but neft got processed same day.