Jul 142016
 

PPF Account Form C (Partial Withdrawal)

So, you are thinking of investing in PPF? There must be very good reasons for such a decision. Just in case you are about to invest in PPF simply because one of your known acquaintances have done so, it is strongly advised that you make an informed decision. Following the footsteps of someone in this matter will not let you down but knowing and then investing will give you a peace of mind. So, let us walk you through a brief description of PPF and then we will let you know about the PPF Form C in details.

For this article, we will make use of two tables. The first table will give you a bird’s eye view of PPF summary and the second table will lay down the details of Form C. Are we good to go? Very well! Let us begin then.

A Brief About PPF

In this section, we will learn a few tidbits about Public Provident Fund, popularly known as PPF. We will first lay down the foundation which will allow us to elaborate the second part of the article that will focus on Form C.

Features Explanation
Security Launched and maintained by government and hence, completely secured.
Investment type Small investment.
Account tenure 15 years.
Deposit for account opening (minimum) INR 100.
Minimum deposit to be made in a year INR 500.
Maximum deposit allowed in a single fiscal year INR 150,000.
Deposit installments allowed in a year 12 maximum.
Account deactivation Upon failure to deposit minimum yearly investment.
Account reactivation Allows along with penalty.
Deposits allowed in form of Cash, cheque, online bank transfer, DD.
Withdrawal Complete withdrawal only after tenure completion.
Partial withdrawal Only after 7 years of age attained by the PPF account.
Tax benefits Investments up to INR 150,000 are not taxable. Interest earned by PPF account is not taxable. TDS deductions take place on withdrawal.
Loan facility Loans can be taken out against PPF account from 3rd year of PPF account till 6th year of PPF account.

Okay, now that we have a brief understanding of what PPF account is what facilities one can enjoy from a PPF account, it is time to turn our attention to the actual purpose of this article – details of Form C.

All About PPF Form C

The first question that pops is, ‘what is Form C meant for?’ Well, it is designed for partial withdrawals. In case a person wants to make partial withdrawals, he or she needs to fill up this form and submit. Only then withdrawals can be made. Let us take a quick look at the elements of Form C is a tabular format to find out what is to be done while applying for partial withdrawals.

Elements and Attributes of Form C Necessary Explanation
Name and purpose Form C. Designed as a partial withdrawal application form from a PPF account.
Segments in form Total three – Declaration section, office use section and bank details sections where the money with be transferred.
Declaration section – has three sections usually First section – the applicant needs to provide the PPF account number and the amount of money that he or she wishes to withdraw. Along with that, the person also needs to mention how many years have actually passed since the account was first opened.
Second section – this is not mandatory unless the withdrawal is being requested from the PPF account that is being operated in the name of a minor. The applicant needs to declare that the amount being withdrawan will be used for the minor (who is either alive or dead).
Third section – nothing to be filled here. It is only a statement which says that the PPF passbook has been enclosed along with the application. This means that the applicant has to provide the passbook.
Office use section – the office needs to fill this up with the following details Date when the PPF account was opened.
Total balance standing in the PPF account.
Date on which the previously requested withdrawal was allowed.
Total withdrawal amount available in the account.
The amount of money sanctioned for withdrawal.
Date and signature of the person in charge – usually the service manager.
Bank details section – this section asks for the details of the bank where the money is to be credited directly or the bank in whose favor the cheque or the demand draft is to be issued The first part clarifies the amount that will be given from the PPF account in question.
The second part is where the subscriber needs to select either the account where the money will be credited or the bank in whose favor the DD or the cheque will be issued. Whichever is selected, the person or the subscriber needs to provide the details accordingly.
A revenue stamp is to be pasted on the allocated space.
Date and thumb impression or signature of the applicant/subscriber or the guardian (in case the account belongs to a minor) is to be provided.

Where is PPF Account Form C Found

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