Is my PPF matured or can i withdraw funds from same ?

Futureized

Futureized

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Herald
Photo posted is from my PPF Account Pass Book (for XYZ bank) with transaction details.
Later this bank was merged with big bank (ABC) in year 2014 or 2015

Is my PPF matured or can i withdraw entire funds = Approximately 1.25 lakhs invested till day
How much do i get if its matured and close account or if I withdraw and close the same ?

Thanks.
 

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PPF tenure is 15 years. Maturity amount depends on exactly when you contributed, how much and interest rate over the years.
If it has been 15 years since initial account opening, it's matured. You also can extend it for 5 more years and subsequently further until you want.
 
enthusiast29 said:
PPF tenure is 15 years. Maturity amount depends on exactly when you contributed, how much and interest rate over the years.
If it has been 15 years since initial account opening, it's matured. You also can extend it for 5 more years and subsequently further until you want.
Click to expand...
Opened in year 2007, as per 2022 15 years are completed.
Not sure which month in year 2007.
I was in need money henced raised the question
 
Please visit the bank with passbook and all.


On an unrelated note, I have PPF account with SBI and since I don't have any Saving account with them, I cannot see my PPF account balance online and hence planning to shift the PPF account to another bank like ICICI with whom I have savings account. Currently with SBI, I have to rely on passbook.
 
Reading through internet, since I am in urgent need of funds and per my story above, how long this should take to get PPF funds into my bank account .
Also if there are few months left for complete maturity of 15 years, how much percentage of total amount shall be deducted by bank ?

Visiting nearest branch tomorrow.
 
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raksrules said:
Please visit the bank with passbook and all.


On an unrelated note, I have PPF account with SBI and since I don't have any Saving account with them, I cannot see my PPF account balance online and hence planning to shift the PPF account to another bank like ICICI with whom I have savings account. Currently with SBI, I have to rely on passbook.
Click to expand...
If you PPF with SBI and Savings with other Bank, you cannot withdraw funds anyway, unless both PPF and Savings are with one bank ?

My details
My old bank was SM, merged into Staate Bank of India.
PPF too might have merged (but not udpated yet).
SM Bank PPF Passbook shows merged into SBI date on top (manual entry but new PPF account details)
enthusiast29 said:
We can shift PPF accounts from one bank to another? I wasn't aware. Let me know if it's an easy process.
Click to expand...
Yes we can, https://www.moneycontrol.com/news/b...nt-to-a-different-bank-or-branch-4632141.html
 
enthusiast29 said:
We can shift PPF accounts from one bank to another? I wasn't aware. Let me know if it's an easy process.
Click to expand...
Yes we can. From what I read online, I need to visit SBI and give an application to shift my PPF account to ICICI. I am not sure if there is a form they will give to fill or something I have to make myself. I plan to go tomorrow to check.
Then SBI sends my application and all other stuff along with cheque of my PPF balance to ICICI and they call me that they have received it. Then I go to ICICI and fill a new form to open PPF but it is sort of continuation of my current PPF account and then it is gets transferred. I am doing this for first time so for me too it is new.
 
I have my PPF account with HDFC. I already had a savings account with them so I opened the PPF account online and within like 12 hrs they opened it and I can do all operations using their online banking. The only weird thing they did was that while my savings account home branch is here in Delhi, they opened my PPF account in Chennai branch. Later I looked this up online and it seems to be the case of their default branch when anyone opens a PPF account online with them. As per them, it doesn't matter where it's opened as long as I'm able to do all operations online but it still bugs me in the back of my mind with "What if I need to visit branch one day...".
 
Futureized said:
If you PPF with SBI and Savings with other Bank, you cannot withdraw funds anyway, unless both PPF and Savings are with one bank ?
Click to expand...
I am not sure about withdrawal and I am regretting why I opened the PPF account with SBI in the first place. It is not only the fact that I cannot access my account online, it is also that we all know SBI employees are lazy and all.
In Mid march, I did go to branch to get the transfer form filled and reply I got was "the lady who gives the form is not there". WTF.
I anyways waited as financial year was ending and interest was supposed to get credited. Now that is done, I will go to the branch tomorrow to get transfer initiated.
 
I happened to check the right date of SM Bank first PPF amount interested it is December 2007.
I assume as PPF works with India accounting year calculations (April 1, 2001 to March 21, 2002), My tenure of 15 years got completed in March 2022. (Please confirm this).

I got to hear from a relative, that as per new rules, PPF 15 years will now auto-extend to 20 years by some new goverment policies laid down in year 2019.
 
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raksrules said:
Please visit the bank with passbook and all.


On an unrelated note, I have PPF account with SBI and since I don't have any Saving account with them, I cannot see my PPF account balance online and hence planning to shift the PPF account to another bank like ICICI with whom I have savings account. Currently with SBI, I have to rely on passbook.
Click to expand...
So we do can transfer exisitng PPF from bank to bank within the 15 yr lock in period?
 
nRiTeCh said:
So we do can transfer exisitng PPF from bank to bank within the 15 yr lock in period?
Click to expand...

Yes, the bank / post office is just a mediator. The PPF lies with Government. You can change from one bank to another or post office to bank and so on. And yes, your time does not reset or anything. It is just continuation of your existing PPF account even after changing bank.
 
nRiTeCh said:
So we do can transfer exisitng PPF from bank to bank within the 15 yr lock in period?
Click to expand...
Yes confirmed, been reading various sites for last few hours for PPF rules etc.
You can transfer existing PPF accounts from bank to another branch (same bank), from bank to any other bank, from bank to post office
 
Futureized said:
I happened to check the right date of SM Bank first PPF amount interested it is December 2007.
I assume as PPF works with India accounting year calculations (April 1, 2001 to March 21, 2002), My tenure of 15 years got completed in March 2022. (Please confirm this).

I got to hear from a relative, that as per new rules, PPF 15 years will now auto-extend to 20 years by some new goverment policies laid down in year 2019.
Click to expand...
In that case you can approach your bank and withdraw. It should be transferred to your savings account or perhaps another account you'd wish to transfer to.
 
Futureized said:
Photo posted is from my PPF Account Pass Book (for XYZ bank) with transaction details.
Later this bank was merged with big bank (ABC) in year 2014 or 2015

Is my PPF matured or can i withdraw entire funds = Approximately 1.25 lakhs invested till day
How much do i get if its matured and close account or if I withdraw and close the same ?

Thanks.
Click to expand...
Read in middle that you need urgent funds, so, didnt completely read the thread. Anyways,
1. You can withdraw the funds if your PPF completes 15years from date of opening the PPF account. You need to have passbook showing that date details and just go to bank and ask for closure. Anyways, bank will have all the details. No worries.
2. PPF a/c is not linked to any bank per se as its rules are set by GOI. And it can be moved across the banks. I did from SBH to SBI few years back and it was all paper work. I think you might need to visit the bank for transfer. Now a days, many banks has online option to open PPF a/c. Try thru it if you can do an account transfer too. You need to give current PPF a/c details though !!!. Lets say you have ICICI savings a/c, login to your SB account and try opening PPF account and check if there is any option for transfer .
3. SBI does show PPF a/c details in internet banking portal. If not, you might need to visit the branch with your PPF passbook. No need to have SB a/c. For just PPF a/c also, net banking is available in the case of SBI.
4. In your case, if you have savings account also with ABC big bank, PPF closure can be done instantly and money will be available in your SB a/c.

PPF a/c can be closed pre-maturely too if you satisfy below conditions -
from - https://sbi.co.in/web/faq-s/faq-public-provident-fund
These rules are same for all bank's PPF a/c as these are laid by GOI
1649168163449.png

Edit -
If your 1st amount is in "December 2007" , then, I guess, count of 15years starts from April, 2008, so your tenure ends in March, 2023. BUT, better, check with SBI where your a/c exists.



Hope this helps !!!
 
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frozenscotch said:
Read in middle that you need urgent funds, so, didnt completely read the thread. Anyways,
1. You can withdraw the funds if your PPF completes 15years from date of opening the PPF account. You need to have passbook showing that date details and just go to bank and ask for closure. Anyways, bank will have all the details. No worries.
2. PPF a/c is not linked to any bank per se as its rules are set by GOI. And it can be moved across the banks. I did from SBH to SBI few years back and it was all paper work. I think you might need to visit the bank for transfer. Now a days, many banks has online option to open PPF a/c. Try thru it if you can do an account transfer too. You need to give current PPF a/c details though !!!. Lets say you have ICICI savings a/c, login to your SB account and try opening PPF account and check if there is any option for transfer .
3. SBI does show PPF a/c details in internet banking portal. If not, you might need to visit the branch with your PPF passbook. No need to have SB a/c. For just PPF a/c also, net banking is available in the case of SBI.
4. In your case, if you have savings account also with ABC big bank, PPF closure can be done instantly and money will be available in your SB a/c.

PPF a/c can be closed pre-maturely too if you satisfy below conditions -
from - https://sbi.co.in/web/faq-s/faq-public-provident-fund
These rules are same for all bank's PPF a/c as these are laid by GOI
View attachment 130963
Edit -
If your 1st amount is in "December 2007" , then, I guess, count of 15years starts from April, 2008, so your tenure ends in March, 2023. BUT, better, check with SBI where your a/c exists.



Hope this helps !!!
Click to expand...
Thanks for this info, verified with 2 other people.

Do you have any idea about premature withdrawal of premature closure.
 
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