Transfer of ppf account balance

virendra V. Topkar (Querist) 10 March 2014 This query is : Resolved
If one unmarried girl is taking sanyas can she tranfer her ppf account balance to any member of family as per rules & regulations applicable to ppf account ? whether relinquishment deed can be applied in this case? in which cases relinquishment deed can be used

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Sudhir Kumar, Advocate (Expert) 10 March 2014
contact bank or post office maintaining PPF account

virendra V. Topkar (Querist) 10 March 2014
No even Bank officer do not know the remedy

Anirudh (Expert) 10 March 2014
A Public Provident Fund (PPF) account gets matured after the completion of 15 years from the end of the year in which the account was opened.

Anytime after the expiry of 5 years from the end of the financial year in which initial subscription was made, a subscriber may withdraw 50% of the balance to his credit at the end of 4th year immediately preceding the year of withdrawal or amount at the preceding year which ever is lower. However, not more than one withdrawal is permitted in one financial year.

Customer can make one withdrawal every year, from the 7th financial year, of an amount that does not exceed 50% of the balance of the customer credit at the end of the fourth year immediately preceding the year of withdrawal or the amount at the end of the preceding year, whichever is lower.

No premature withdrawal is allowed for Public Provident Fund (PPF) accounts. Only in the case of the death of a customer, their nominee /legal heir can close the account by submitting the required documents as guided by the Ministry of Finance.

Sudhir Kumar, Advocate (Expert) 10 March 2014
agreed with Mr Anirudh.

I will add that premature withdrawals are also allowed before closure of account.

R.K Nanda (Expert) 10 March 2014
agree with experts.

Rajendra K Goyal (Expert) 10 March 2014
Agree with the advise of Expert Anirudh ji.

You can not transfer the balance of PPF account in the name of any other person before the expiry of 15 years.

You can change the nomination at any time.

Sudhir Kumar, Advocate (Expert) 11 March 2014
I further add that even after 15 years you have to redeem it in saving account or cash and then transfer to anyone. There is no provision of assigning the same.