Proof Of Funds - PPF India

[dreamgud]

Dear All,

I am writing this after a lot of search and being unable to find a solution. Please do not mind if there

Has anyone shown the Funds in Public Provident Fund (PPF) as Proof of Funds? PPF is a common saving scheme but with locking period. I opened my PPF account 2013 and want to know if anyone has already closed a PPF account prematurely. If you have done kindly share the procedure.

Please note PPF is different from EPF and I only want to know about PPF.

Thanks in advance.

 

[Bryanna]

Hi,

PPF can be shown as Proof of Funds in certain cases. However, you cannot show PPF as Proof of Funds (available funds) in your case.

1. You opened your PPF account in 2013. There is a lock-in period of 6 years. This means you cannot access these funds until the 7th year i.e. until 2020. Also, in the 7th year, there are certain conditions to withdraw a limited amount from the PPF balance.

2. Premature closure of PPF accounts is not allowed/not possible before 15 years. Not even with a penalty.


In short:
You cannot show your PPF balance as Proof of Funds (liquid funds) for your visa application. It can only be shown as locked-in funds as part of your overall financial situation


Cheers

 

[dreamgud]

Hi,

PPF can be shown as Proof of Funds in certain cases. However, you cannot show PPF as Proof of Funds (available funds) in your case.

1. You opened your PPF account in 2013. There is a lock-in period of 6 years. This means you cannot access these funds until the 7th year i.e. until 2020. Also, in the 7th year, there are certain conditions to withdraw a limited amount from the PPF balance.

2. Premature closure of PPF accounts is not allowed/not possible before 15 years. Not even with a penalty.


In short:
You cannot show your PPF balance as Proof of Funds (liquid funds) for your visa application. It can only be shown as locked-in funds as part of your overall financial situation


Cheers

Hello,

Thanks and I appreciate your reply!

Regards

 

[alall]

Any funds needs to be shown as readily available liquid funds, then only it will be considered as valid proof of funds.