Can one get loan or withdraw money from PPF accounts of mine and wife's?

[jim]

I have two PPF account one for myself and one for my wife. I maintain both the accounts as my wife is not working. Due to some personal reasons, I need money, so looking to take loan from my existing PPF accounts. I have just checked and found out that since last two years, I have not made minimum investment in my wife’s PPF account. Please guide me - Can one get loan or withdraw money from those accounts to which regular subscriptions haven't been made every year?

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[v.r.s.nathan]

No, because a subscriber who has not maintained his subscriptions in the account as per Rule 3 of the Scheme and has defaulted on his subscriptions in any year, will not be eligible either for a loan or for a partial withdrawal from the account. This will be allowed only if the person pays the subscription arrears along with the default fee.

[jim]

No, because a subscriber who has not maintained his subscriptions in the account as per Rule 3 of the Scheme and has defaulted on his subscriptions in any year, will not be eligible either for a loan or for a partial withdrawal from the account. This will be allowed only if the person pays the subscription arrears along with the default fee.

Can you please elaborate - What is rule 3 of the scheme?

[v.r.s.nathan]

Rule 3 of PPF Scheme -

Limit of subscription:- (1) Any individual may, on his own behalf or on behalf of a minor of whom he is the guardian, subscribe to the Public Provident Fund (thereafter referred to as the fund) any amount not less than Rs. 500and not more than Rs. 70,000 in a year.