Banking Forum

Can PPF Account be Foreclosed ?

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Offline Sora

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Can PPF Account be Foreclosed ?
« on: May 02, 2016, 07:24:26 PM »

Can PPF Account be Foreclosed ? - Yes, recently government has eased the norms for closure of PPF (public provident account). Government has allowed to close the PPF account before the 15 years if the investor has continuously run the PPF account for 5 years on certain reason like children education or medical treatment.

There is a penalty on closure i.e. 1% foreclosure charges. Investor would get 1% less interest on all the previous year accumulation.


 

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