New Delhi: In what would come as a relief for many, a new set of rules has been announced by the Finance Ministry today for premature withdrawal of the Public Provident Fund (PPF) account deposit for reasons such as higher education or treatment of serious ailments.
In a notification issued by the ministry, it was stated that the premature withdrawal will, however, be allowed only after the subscriber's deposit scheme account has completed five years.
"A subscriber shall be allowed premature closure of his account or account of a minor of whom he is the guardian on ground that the amount is required for treatment of serious ailments or life-threatening diseases of the account holder, spouse or dependent children on production of supporting documents from competent medical authority," the notification said.
Withdrawal will also be allowed if the amount is required for higher education of the account holder or the minor account holder. The withdrawal will be processed on production of documents and fee bills in confirmation of admission in a recognised institute of higher education in India or abroad, the notification said.
