If there is a sudden need for money due to any reason, then people who start thinking about withdrawing money from the PF account in the middle. It can be overwhelming for them.
If you want to withdraw money from your PPF account in between, then before withdrawing money, know the tax rules related to PPF account. Because withdrawing money from PPF account in the middle can cause you a lot of loss. Therefore, if someone suddenly needs money, then by following these rules, you can withdraw money from your PPF account before the completion of maturity, but the amount withdrawn in between will come under the ambit of tax.
Investment scheme in Public Provident Fund ie PPF is a good option for the people at present. Because in this, customers get the benefit of tax exemption along with good interest rates. That’s why most of the common people like to invest in this scheme. Because in this scheme of the government, the customer can invest his money without any tension. Under this scheme, investment can be started by opening an account with 500.
Will get 7.1 percent interest rate
The most special thing about this scheme is that in this the customer can deposit money in installments. If the customer wishes, he can invest a maximum of Rs 1.5 lakh at a time in a year. In this scheme, customers will be given interest at the rate of 7.1 per cent. Even if you invest in new finance within a year, you will get only 7.1 per cent interest. Because the government has not made any change in the interest rates of this scheme. To take advantage of this scheme, you can open an account in any bank or post office in the country.
Will have to pay tax on the money withdrawn
If you want to withdraw money before completion of maturity of PPF account, then you have to wait for at least 7 years. Before this you will not be able to withdraw the money because the locking period of this scheme is 15 years. After 7 years from PPF account, you can withdraw only 50% of the money. But money can be withdrawn only once in a year. In this scheme, the amount you withdraw before maturity, you will have to pay tax on it.
