How to Withdraw PPF Amount from ICICI Bank |How to Withdraw PPF Amount from ICICI Bank Online | How to Withdraw PPF Amount from ICICI Bank Offline | Withdraw PPF Amount from ICICI Bank |

Public Provident Fund (PPF) offers tax benefits and attractive returns, making it a popular investment option. PPF accounts have a maturity period of 15 years, after which you can withdraw the entire corpus or extend the account for another 5 years. You can also make partial withdrawals from your PPF account after the completion of 6 years.

If you have opened a PPF account with ICICI Bank, you can easily withdraw your PPF amount online or offline. In this article, we will explain the steps to withdraw PPF amount from ICICI Bank and the rules and conditions for withdrawal.

NOTE : If you want to know how much money you will accumulate in your PPF account at the end of the maturity period, you can use our PPF calculator. It is a simple and easy tool that helps you estimate your PPF maturity amount based on your investment amount, tenure and interest rate.. To use our PPF calculator, you just need to enter the following details:

• The amount you want to invest every year in your PPF account
• The tenure of your PPF account (15 years or more)
• The interest rate applicable on your PPF account (7.1% or as per the latest rate)

Once you enter these details, our PPF calculator will show you the following results:

The maturity amount of your PPF account

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How to Withdraw PPF Amount from ICICI Bank Online ?

To withdraw your PPF amount online from ICICI Bank, you need to follow these steps:

• Log in to your ICICI Bank internet banking account and go to the ‘My Accounts’ section.
• Click on ‘PPF Accounts’ and select the account from which you want to withdraw.
• You will see the available balance and the withdrawal limit for your PPF account.
• Click on ‘Withdrawal’ and enter the amount you want to withdraw. The amount should not exceed the withdrawal limit.
• Download Form C for withdrawal and fill it with the required details. You need to mention your PPF account number, the amount of withdrawal, and the number of years the account has been active.
• Sign the form and upload it on the portal. You can also scan the form and email it to ppf@icicibank.com.
• The withdrawal request will be processed within 2 working days and the amount will be credited to your linked savings account or sent as a demand draft.

How to Withdraw PPF Amount from ICICI Bank Offline ?

To withdraw your PPF amount offline from ICICI Bank, you need to follow these steps:

• Visit any ICICI Bank branch that offers PPF services and collect Form C for withdrawal. You can also download this Form C from the bank’s official website.
• Fill the form with the relevant information and sign it. You need to mention your PPF account number, the amount of withdrawal, and the number of years the account has been active.
• Attach your PPF passbook along with the form and submit it at the branch.
• The withdrawal request will be processed within 2 working days and the amount will be credited to your linked savings account or sent as a demand draft.

READ MORE – –Use Free EPF Pension Calculator for Private Employees

ICICI PPF Withdrawal Form :

ICICI PPF withdrawal form is a document that you need to submit to ICICI Bank if you want to withdraw your PPF amount either partially or fully. The form is also known as Form C and it is available for download from the ICICI Bank website or you can collect it from any ICICI Bank branch that offers PPF services.

The form has three sections that you need to fill with the relevant information:

• Declaration section: In this section, you have to provide your PPF account number, the amount you want to withdraw, and the number of years the account has been active. If you want to withdraw from a minor’s PPF account, you have to mention his or her name as well.
• Office-use section: This section is for official use only and it contains details such as the date of opening of the PPF account, the total amount available in your PPF account, the date of approval of your previous withdrawal, the amount available for withdrawal, the amount sanctioned for withdrawal, and the signature of the concerned person in charge.
• Receipt section: In this section, you have to sign the form after filling in the amount received or being withdrawn. You also have to affix a revenue stamp on the form.

HERE IS THE ICICI WITHDRAWL FORM “C” – Click to Download

Documents Required For PPF Withdrawal :

• Your PPF passbook
• Your identity proof such as Aadhaar card, PAN card, passport, etc.
• Your bank account statement or a cancelled cheque of your linked savings account
• A revenue stamp on the form
• If you are withdrawing from a minor’s PPF account, you need to provide proof of relationship with the minor and the purpose of withdrawal
• If you are closing your PPF account prematurely, you need to provide supporting documents for higher education or medical treatment of yourself, spouse, children or dependent parents.

Rules and Conditions for Withdrawing PPF Amount from ICICI Bank

Before you withdraw your PPF amount from ICICI Bank, you need to be aware of these rules and conditions:

• You can withdraw your entire PPF amount only after the maturity of 15 years. If you want to continue your account beyond 15 years, you need to submit Form H within one year of maturity.
• You can make partial withdrawals from your PPF account after completing 6 years. The maximum amount you can withdraw is 50% of the balance at the end of the fourth year or 50% of the balance at the end of the preceding year, whichever is lower.
• Only one partial withdrawal is allowed in a financial year.
• There is no tax on partial withdrawals from your PPF account.
• You can close your PPF account prematurely after 5 years on grounds of higher education or medical treatment of yourself, spouse, children or dependent parents.
• You need to submit Form C along with supporting documents for premature closure of your PPF account.
• You will get the entire balance along with interest, but at a reduced rate of 1% less than the applicable rate.

Benefits of Withdrawing PPF Amount from ICICI Bank

Withdrawing your PPF amount from ICICI Bank has some benefits, such as:

• You can access your PPF account online and view your balance, transactions and statements anytime and anywhere.
• You can withdraw your PPF amount online without visiting the branch and get it credited to your savings account or as a demand draft.
• You can enjoy tax-free returns on your PPF investment and claim deduction under Section 80C of the Income Tax Act.

Conclusion :

PPF is a safe and lucrative investment option that helps you save for your long-term goals and enjoy tax benefits. If you have opened a PPF account with ICICI Bank, you can withdraw your PPF amount online or offline after following the rules and conditions for withdrawal. You can also extend your PPF account for another 5 years if you want to continue earning interest on your corpus. However, you should plan your withdrawals carefully and avoid premature closure of your PPF account unless it is absolutely necessary.

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