New Delhi, June 21: In the latest circular by the Finance Ministry, it has been stated that subscribers of the Public Provident Fund (PPF) can prematurely close the deposit scheme in certain cases of emergency, provided proper documents are presented. However, this can happen only after a span of five years from the date of initiation of the account.
Money can be withdrawn only in cases of higher education or expenses toward medical treatment. The finance ministry in the notification said, "A subscriber shall be allowed premature closure of his account or account of a minor of whom he is the guardian on ground that 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 allowance will be applicable for the higher education of the account holder or the minor account holder on production of docuents and fee bills and receipt of conformation of admission into a university.
It has, however, been specified that the premature closure will be allowed only at the end of five financial years.