Is there some charges if withdrawn PPF amount before completing 15 years.

POSTED BY ram ON November 23, 2012 2:00 pm COMMENTS (3)

Hi ,

My father had expired and his PPF account had complted 14 financial years. I am nominee of his PPF account. I am not sure when to withdraw this amount. Is there some benefit for waiting for one more year and then withdraw?

What is best option for me:

1) Pay 500 , withdraw next year.

2)Do nothing this year and then withdraw next year.

3)Withdraw right now.




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3 replies on this article “Is there some charges if withdrawn PPF amount before completing 15 years.”

  1. bharat shah says:

    @manish chauhan
    1.kindly clear what you mean by ‘As a Nominee , you just the right to take the custody of the PPF , and nothing else .’. Does it mean that the nominee can not withdraw on death of account holder.?
    2. i have read on some law site as under:
    As per sec.57 of Indian Succession Act if the will is executed only at metro cities like bombay,madras and calcutta,the probate is required,otherwise probate is not required.
    As rightly said will has to be probated if executed in Presidency towns, U can go for mutation basing on inheritance by will.
    any member of law knowledge may kindly clarify .

    but i advise the query raiser that he should not pay any more on behalf of his expired father(it seems illegal), and should ask for withdrawal to the concerned office with father’s death certificate , and (a letter of all legal heirs of their concurrence, only in case they ask for it.)

    1. Yes, Nominee is just the caretaker and should be able to withdraw the money from PPF if death certificate is there !

  2. You have the option to withdraw right now . As per PPF rules, incase of death of the account holder, his legal heirs can surely withdraw the full amount with out any kind of penality .

    Now the biggest issue you might face is legality of documents . I mean is there any WILL which says that you are the right ful owner ? If there is a WILL , is it registered ? Here are the outcomes

    1. If Registered Will exists – Then it will be quite easy to withdraw , just fill up the withdrawal form , nominee details , death certificate and you will get the PPF

    2. If unregistered WILL exists – In that case you will have to bring the PROBATE from court , so prove the authenticity of the WILL , also if there are any issues with other legal heirs, you might face legal battle with them

    3. If WILL does not exist – You then have to bring succession certificate from court to prove that you are the right ful owner . Note that in this case succession laws will decide who is the right ful owner.

    As a Nominee , you just the right to take the custody of the PPF , and nothing else .


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