"Dream, Dream, Dream! Conduct these dreams into thoughts, and then transform them into action."
- Dr. A. P. J. Abdul Kalam
There is good news for the subscribers of PPF (Public Provident Fund). In a latest notification, the finance ministry announced that PPF can be prematurely closed after five financial years only. However, this closure and withdrawal of PPF is conditional. Withdrawal and closure is possible, provided the subscriber needs urgent money for a medical emergency and treatment of self, spouse or dependent children. In this case, the account holder needs to submit relevant documents from a recognized medical authority.
Premature closure is allowed in case the account holder is in need of money for sponsoring his higher education in a recognised national or international institution. The account holder would have to submit relevant documents confirming his admission in the said institution. Premature closure after five years is possible for guardians of accounts of minors as well, provided they meet these two conditions. The announcement from the finance ministry is a welcome move and comes as a respite to lakhs of PPF account holders in the country.
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