How will i get ppf mature amount

POSTED BY Santosh Setty ON January 25, 2013 11:38 am COMMENTS (14)

Hi Guy’s,

I have a simple query, if i open PPF account with ICICI Bank on Feb 2013, it will mature on Apr 2028.

My question is how do i get money? should go to bank and collect or it will transfer to my linked bank account?

Looking forward for answer.

 

Best Regards

Santosh Setty

14 replies on this article “How will i get ppf mature amount”

  1. saurabh says:

    Hi Team,

    How will I get my PPF amount before maturity,
    For example I have opened a PPF account in SBI 2010 and my saving in PPF is 2lakh rupees. I want only 1 lakh rupees before maturity. so how I withdrawl this amount.

  2. Dear Santosh, the plain answer, you w’d have to fill form for closure & redemption from your PPF after the maturity.

    thanks

    Ashal

    1. Santosh Setty says:

      Thanks Ashal for quick answer.

      1. Karthik says:

        After all, you have 15 more years to find out how to get your money out. There will be lots of changes in the world.

        1. Santosh Setty says:

          Well knowing answer is nothing wrong right?

          1. Karthik says:

            Santosh, Nothing wrong that asked the question.
            I am just saying that the process can change likely in a period of 15 years..

  3. Dear Santosh, in case of PPF, ICICI bank is merely a distributor or broker which is accepting money on behalf of NSSO (the governing body of PPF & all other P.O. small saving schemes). so the amount can not be transferred automatically to your ICICI bank SB acct.

    You w’d have to fill redemption request. By the way, why are you interested to withdraw after just 15Y? Are you not aware that PPF acct. can be extended in a block of 5Y each time till you desire after the initial 15Y?

    Thanks

    Ashal

    1. Santosh Setty says:

      Dear Ashal,

      Thanks for you reply, yes am aware that we can extend after 15 years. I just wanted to know how i get money after maturity.

      Best Regards
      Santosh Setty

    2. Ashal,

      The redemption request has to be made to the bank and it the bank which makes the payment. I dont see why it cannot be transferred to the SB account.

      Please see Jayaprakash’s response here

      http://localhost/jagoforum2/how-is-ppf-money-given-at-the-time-of-withdrawal/821/

      1. Dear FFC, let me clarify. What I mean was, ICICI bank or any other PPF distributor, the money ‘ll not be credited to investor’s SB account automatically. One w’d has to fill the redemption form to get it credited into his or her own SB acct.

        In the example, ICICI bank’s PPF acct. amount can be credited into the SB acct. of ICICI bank itself.

        Thanks

        Ashal

  4. You need to give it in writing to the bank (either on a paper or a form they have for this purpose) to close the account. If you have a ICICI account you can ask the bank to credit it there. Credit to any other bank account should also be possible perhaps with a transaction fee.

    1. Santosh Setty says:

      Thanks 🙂

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