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About PPF Claim Status Online
Checking Claim Status Online
Here are the steps to be followed for checking PPF claim status online.
- Inform the bank to set up your PPF account as part of the net banking system.
- Once done, log into your account and begin the claim process.
- The claim status can only be checked once you’ve logged into your account and started the claim process.
- Some banks only accept PPF deposits online, in this case, the PPF withdrawal claim can only be checked online.
- If the PPF account has been created in a post office, the claim status can be checked by a simple process of inquiring from the same post office.
PPF Withdrawal
PPF account can be closed only upon maturity i.e. after the completion of 15 years. Upon completion of 15 years, the entire amount standing to the credit of an account holder in the PPF account along with the accrued interest can be withdrawn freely and the account can be closed.
However, if account holders are in need of funds, and wish to withdraw before 15 years, the scheme permits partial withdrawals from year 7 i.e. on completing 6 years.
Premature withdrawal from PPF is allowed up to a maximum of 50% of the amount that is in the account at the end of the 4th year (preceding the year in which the amount is withdrawn or at the end of the preceding year, whichever is lower). Further, withdrawals can be made only once in a financial year.
PPF Claim in Case of Subscriber’s Death
In the event of the death of a Public Provident Fund (PPF) subscriber, any money left in their PPF account is passed on to the nominee or the legal heir. The paperwork and documentation for the claim vary based on whether a nomination has been registered by the PPF subscriber or not. Here’s how to go about filing a claim.
Form - Nominees or the legal heir of the deceased PPF subscriber are required to submit a duly filled Form G to the bank or post office where the PPF account was held.
Nomination registered - If the PPF subscriber had registered a valid nomination, the nominee will be able to claim the proceeds from the account by simply filing Form G, along with proof of death of the subscriber (death certificate).
No nomination - If there is no nomination in force, the claim can be made by the legal heirs of the deceased subscriber. In addition to the death certificate, the legal heirs also have to submit a succession certificate or letters of administration along with an attested copy of probate of will issued by a competent court.
Process - Upon receipt of application and documents from the nominee, if these are found to be in order, all amounts standing to the credit of the PPF account of the deceased subscriber will be repaid to the nominee by the bank or post office. Adjustments will be made according to interest on loans taken by the subscriber.
About PPF
PPF Account is a long-term saving scheme which gives all-round tax benefit. It is a preferred investment option since it is backed by the Government of India and comes with an attractive interest rate and guaranteed returns. These returns are entirely exempt from tax under Section 80C of the Income Tax Act. Investors can save tax ranging from Rs. 500 to Rs. 1,50,000 in a given financial year, and can get facilities such as loan, withdrawal, and extension of account.
To check the claim status online you must link the net banking of your bank account with your PPF account. After that you can check that status online by logging into your account. The process is simple and easy to do.
FAQs
1. How do I close a PPF account online?
There are many banks which give you online access to the PPF account. You can see the statement and deposit into the PPF account online. But PPF account opening and closing require the visit to a branch or post office. The bank or post would match your signature. Only after the authentication, it would release the fund.
2. Is there a separate PPF closure form?
You are not required to submit a form for the account closure. Once, your PPF account becomes vacant the account closes itself. Thus, the PPF withdrawal Form can be considered as the PPF account closure form. Note, your PPF account would not close unless you withdraw the full amount.
3. Can a person have 2 PPF accounts?
No, one person cannot have 2 PPF accounts. However, a family is eligible to have multiple PPF accounts, a parent or guardian of the family can have individual accounts of their own and one of them can also open a PPF for a minor child (if they have any).
4. What is the PPF lock-in period?
Investments made to a PPF account have a lock-in period of 15 years. However, individuals can make a partial withdrawal from the PPF account after 5 years from the date of opening the account.
5. Can I withdraw PPF after 5 years?
The Government has amended the PPF scheme and propagated some positive changes regarding the withdrawal of balance from the account. You can now withdraw the whole amount and close your PPF after 5-years.
End Note
The PPF scheme offers excellent benefits as a retirement scheme with incredible investment growth and also works as a tax saving instrument. The PPF account matures after a term of 15 years. You can withdraw from the PPF account after it matures 15 years from account opening. You can go for premature closure after 5 financial years, on specific medical and educational grounds.