How is PPF money given at the time of withdrawal ?

POSTED BY Jagoinvestor ON December 19, 2010 12:04 pm COMMENTS (6)

When a person finally withdraws all the money from PPF account , how is the money handed over to him ?

 

1. Transferred to a Bank Account

2. Through Cheque

3. Cash (if amount is small)

4. Other ?

 

Manish

6 replies on this article “How is PPF money given at the time of withdrawal ?”

  1. gaurav M says:

    Can i withdraw the amount from a different city than the one where PPF was opened?

  2. JayaprakashReddy says:

    Hi Manish,

    Incidentally I’ve been to SBI bank to activate my friend’s PPF account which is inactive since last 5 years. At the same time one elder person came there to inquire about PPF amount withdraw. The lady who was handling this told him the below.

    They will give you one form and you need to fill it up and submit to them and following are the ways he can get the money. That form requires one rupee revenue stamp to be used and signed across.

    1. You have a savings account in SBI then its immediate credit on the same day.
    2. If you have savings account in other bank then they will issue cheque and that will take at least 2-3 working days. (Though that elder guy was fighting with her to get that money on the same day even through cheque, but she was not listening to him)
    3. No cash will be issued if he doesn’t have an account.

    I hope this helps.

    1. Jayaprakash

      Great ! . that gives full info on this topic . Thanks for updating the info , it helped !

      Manish

    2. panee says:

      Hi,

      what is the procedure to re-active the ppf account and how much time will it take to active.

      Regards
      Panee

  3. Atul says:

    Hi Manish,

    I think if you have Savings account in same bank then its easy to transfer if amount involved is high. Even if amount is small I do not think Bank will give cash.

    Cheque would be other option in case if one does not have Savings account in same bank where PPF account is opened.

    Regards

    Atul

  4. mkshahi says:

    I am sure about the third one , where you withdraw money in the old age tradition …ie. fill up an application and submit along with passbook and take the money.

    Good question Manish..i would also like to know if it can be transferred to the bank account directly.

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