I have a PPF account and which is more than 15 years old. I withdrew money from it in FY 17-18. However I want to withdraw money in this FY 18-19 also.My query is whether the amount withdrawn in FY 17-18 be deducted from amount eligible for withdrawal in FY 18-19.
If the account is extended without contribution, any amount can be withdrawn without any restrictions. However, only one withdrawal is allowed per year. The balance will continue to earn interest till it is completely withdrawn.
If you are extending it with contributions, you can withdraw up to 60% of the amount you had in the account at the beginning of the extended period in one or more installments. However, only one withdrawal is permitted per year.
T R SOOD & CO
New Delhi
CA Inter
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O P Bagla & Co LLP
New Delhi
CA Inter
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