Withdrawal from PPF?

[Mahesh]

I have a PPF account with SBI.
1- Is it possible to withdraw the amount, which I have deposited till now?
2- What is the maximum amount, I can withdraw?

3- Is their any penalty in withdrawing the amount?

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[PolicyWala]

I have a PPF account with SBI.
1- Is it possible to withdraw the amount, which I have deposited till now?

Yes, you can withdraw after 5 years of PPF account membership.

2- What is the maximum amount, I can withdraw?

You can withdraw any amount not exceeding fifty per cent of the amount that stood to your credit at the end of the fourth year immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower, less the amount of loan, if any, drawn by you on this PPF account.

3- Is their any penalty in withdrawing the amount?

Nope. Just follow the above rules.

[Mahesh]

Thanks PolicyWala. I have one more query - Initially when I have opened the PPF account, I have not nominated anyone. Now I want to nominate it to my spouse. Can I do it know?

[Mahesh]

One more query (Sorry I missed this one) -I have opened my account in 2003-04 . So when can I make first withdrawal in 2008 or 2009?

[mrinalrulz]

Thanks PolicyWala. I have one more query - Initially when I have opened the PPF account, I have not nominated anyone. Now I want to nominate it to my spouse. Can I do it know?

You can nominate anybody. No problem.

One more query (Sorry I missed this one) -I have opened my account in 2003-04 . So when can I make first withdrawal in 2008 or 2009?

You can make withdrawal in 2009. It normally take financial year. So five year from 2003-04 (4+5).

[PolicyWala]

Just wanted to add one point On nominee -

A subscriber may nominate one or more persons to receive the amount standing to his credit in the event of his death. No nomination can, however, be made in respect of an account opened on behalf of the minor. In the event of death of the subscriber, the amount standing to his credit can be repaid to his nominee or legal heir, as the case may be, even before the expiry of 15 years.

On Withdrawal -

Not more than one withdrawal shall be permissible during any one year.