Can I transfer money from PPF account to saving account?

Step 5: Use your PPF number as the Payee Account number. You will be able to make a transfer easily after your account has been added as a third-party beneficiary. It should be very easy for you to transfer your money if your PPF account and your bank account are both at the same bank branch and are already linked.

How can I transfer PPF amount after maturity?

Withdraw your money after closing your account The amount you have invested and the earned interest will be transferred to your savings account. You can get your maturity amount by simply submitting an application form to the bank or to the post office nearby with your details of PPF and savings account.

How can I transfer my PPF account to another bank?

Visit your existing bank/post office branch along with your PPF passbook. You will be required to submit a transfer application request. On the application form, you will be required to mention the full address of the post office/bank’s branch where you wish to transfer your PPF account.

Can we close PPF account before maturity?

However, an account holder can close his or her account before the maturity period. According to the PPF withdrawal rules, any account holder can close the account given that specific terms and conditions have been fulfilled. This only applies when the account has completed five complete financial years.

Can I transfer money to my PPF account online?

You might want to transfer money to your PPF account with the same bank where you have opened. In this case, simply login your internet banking and select transfer funds within your accounts and select PPF account, enter amount and submit. You can transfer a maximum of Rs 1.5 Lakhs per PPF account.

Is PPF Taxable after maturity?

The PPF contributions are covered under Section 80C of the Income Tax Act, 1961. PPF has a tenure of 15 years and is popular for its EEE tax benefits. Therefore the amount invested in the scheme is tax-exempt (up to Rs 1.5L per FY), interest earned attracts no tax, and the maturity proceeds are also free from taxation.

Can PPF be closed before maturity?

The maturity time in case of Public Provident Fund is 15 years. However, an account holder can close his or her account before the maturity period. According to the PPF withdrawal rules, any account holder can close the account given that specific terms and conditions have been fulfilled.