5-year lock-in in PPF
PPF will soon have an option to close the account after five years
One of the most preferred retirement savings tools for scores of middle class Indians, the Public Provident Fund or PPF, will soon have an option to close the account after five years. The current rules stipulate a 15-year lock-in, with partial withdrawal facilities from the seventh year. However, the new rule allows a subscriber to completely close the account after five years for reasons such as higher education or expenditure towards medical treatment on production of supporting documents from competent medical authority.