Legal Document View

Unlock Advanced Research with PRISMAI

Integrated with over 4 crore judgments and laws — designed for legal practitioners, researchers, students and institutions

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0] [Entire Act]

Union of India - Section

Section 9 in The Public Provident Fund Scheme, 1968

9. Withdrawals from the Fund.

(1)Any time after the expiry of five years from the end of the year in which the initial subscription was made, a subscriber may, if he so desires, apply in Form C or as near thereto as possible, together with his pass book to the Accounts Office withdrawing from the balance to his credit, an amount not exceeding fifty per cent of the amount that stood to his credit at the end of the fourth year immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower, less the amount of loan, if any, drawn by him under paragraph 10 and which remains to be repaid :Provided that not more than one withdrawal shall be permissible during any one year.
(2)On receipt of ail application under sub paragraph (1) the Accounts Office may, after satisfying itself that the amount of withdrawal applied for is not in excess of the limit prescribed in sub-paragraph (1) and that the applicant has, till the date of application, been subscribing according to the limit specified in paragraph 3, subject to the provisions of sub-paragraph (4), permit the withdrawal and enter the amount withdrawn in the pass book.
(3)Closure of account or continuation of account without deposits after maturity :- Notwithstanding the provisions of sub-paragraph (1), any time after the expiry of 15 years from the end of the year in which the initial subscription was made by him, a subscriber may, if he so desires, apply in Form C or as near thereto as possible together with his pass book to the Accounts Office for the withdrawal of the entire balance standing to his credit and the Accounts Office, on receipt of such an application from the subscriber, shall subject to the provisions of sub-paragraph (4) allow the withdrawal of the entire balance (together with interest upto the last day of the month preceding the month in which the application for withdrawal is made) after making adjustments, if any, in respect of any interest due from the subscriber on loans taken by him and close his account.Provided that a subscriber may, if he so desires, make withdrawal of the amount standing to his credit, from time to time, in instalments not exceeding one in a year.
(3A)Continuation of account with deposits after maturity :- Subject to the provisions of sub-paragraph (3) a subscriber may, on the expiry of 15 years from the end of the year in which the initial subscription was made but before the expiry of one year thereafter, may exercise an option with the Accounts Office in Form H, or as near thereto as possible, that he would continue to subscribe for a further block period of 5 years according to the limits of subscription specified in paragraph 3.
(3B)In the event of a subscriber opting to subscribe for the aforesaid block period he shall be eligible to make partial withdrawals not exceeding one every year by applying to the Accounts Office in Form C, or as near thereto as possible, subject to the condition that the total of the withdrawals, during the 5 year block period, shall not exceed 60 per cent of the balance at his credit at the commencement of the said period.Note :- A subscriber may at his option (to be exercised before the expiry of the first year of every extended block period) avail of this facility for a further block of 5 years on expiry of 20 years or on expiry of 25 years and so on, from the end of the year in which the initial subscription was made.
(3C)[ A subscriber shall be allowed premature closure of his account or the account of a minor of whom he is the guardian, on a written application to the Accounts Office, on any of the following grounds namely:
(i)that the amount is required for the treatment of serious ailments or life threatening diseases of the account holder, spouse or dependent children or parents, on production of supporting documents from competent medical authority;
(ii)that the amount is required for higher education of the account holder or the minor account holder, on production of documents and fee bills in confirmation of admission in a recognised institute of higher education in India or abroad:
Provided that such premature closure shall be allowed only after the account has completed five financial years:Provided further that premature closure under this sub-paragraph shall be subject to deduction of such amount which shall be equivalent to one percent less interest on the interest rates as applicable from time to time in the table payable on the deposits held in the account from the date of opening of the account till the date of such premature closure, calculated in accordance with the sample calculation as shown in the table on next page:Calculation showing the interest payable to depositor
Year(1) Opening Balance(2) Assumed Fresh Deposit(3) Total Amount(4) Rate of Interest(5) 1% less on the applicable rate of interest(6) Interest accrued(7) Outstanding Balance(8)
2006-07 1000.00   1000.00 8.0 7.0 70.00 1070.00
2007-08 1070.00 500.00 1570.00 8.0 7.0 109.90 1679.90
2008-09 1679.90 500.00 2179.90 8.0 7.7 167.85 2347.75
2009-10 2347.75 700.00 3047.75 8.0 7.0 213.34 3261.09
2010-11 3261.09 600.00 3861.09 8.0 7.0 270.28 4131.37
2011-12 4131.37 1000.00 5131.37 8.6 7.6 389.98 5521.36
2012-13 5521.36 1200.00 6721.36 8.8 7.8 524.27 7245.62
2013-14 7245.62 1500.00 8745.62 8.7 7.7 673.41 9419.03
2014-15 9419.03 1500.00 10919.03 8.7 7.7 840.77 11759.80
2015-16 11759.80 1000.00 12759.80 8.7 7.7 982.50 13742.30
Total   9500.00         13742.30]
[Substituted by Notification No. G.S.R. 613(E), dated 18.6.2016.]
(4)Where the application is made by a person who has made subscription to the Fund on behalf of a minor of whom he is the guardian, he shall furnish a certificate in the following form, namely......."Certified that the amount sought to be withdrawn is required for the use of............... who is alive and is still a minor"