The Ministry of Finance has amended the Public Provident Fund Scheme 1968 to make way for premature withdrawal from a PPF account on certain conditions.
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The finance ministry sent out a notification on the move that said:
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“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.”
Subscribers would be allowed to prematurely close the account on production of documents and fee bills in confirmation of admission in a recognized institution in India or abroad.
Likewise, interest rate on PPF scheme, Kisan Vikas Patra scheme and Sukanya Samriddhi Account Scheme were kept at 8.1 per cent, 7.8 per cent and 8.6 per cent respectively.