It has a maturity period of 15 years but in certain cases, an account holder can close one's account before maturity period as well. The PPF withdrawal rule says that a PPF account holder can close the account subject to fulfillment of certain terms and conditions, provided the account has completed five complete financial years. The PPF account closure is also allowed in case the account holder needs money for higher studies for himself or for its children." Highlighting upon the PPF interest rate applicable in the case of pre-mature PPf account closure; SEBI registered tax and investment expert Jitendra Solanki said, "In case of pre-mature PPF account closure, one will get 1 per cent lesser PPF interest rate on one's money and pre-mature PPF account closure is allowed only when the PPF account has completed five complete financial years. So, here are the 4 conditions when PPF account can be closed before maturity:1] Death of the PPF account holder;2] Change of residential address of the PPF account holder;3] In case of life threatening disease to the PPF account holder, life partner of the account holder or any of the dependents of the account holder; and4] For higher studies of PPF account holder or its children;However, barring first condition, rest 3 conditions are applicable only when the PPF account has account has completed 5 full financial years.

Source: Mint June 07, 2021 08:03 UTC