<P> The Public Provident Fund (Amendment) Scheme, 2016 made changes in Paragraph 9, for sub-rule 3 (C) of Public Provident Fund Scheme, 1968 to facilitate the premature closure of PPF Account . Premature closure of PPF account is permitted after completion of 5 years for medical treatment of family members and for higher education of PPF account holder . However, premature closure comes with an interest rate penalty of 1% . </P> <P> The account can be transferred to other branches / other banks or Post Offices and vice versa upon request by the subscriber . The service is free of charges . </P> <P> Step 1--Approach the bank or post office branch where the PPF account is held and ask for the form for making the transfer . The bank or post office will provide you with a form which is to be filled . </P> <P> Step 2--The existing bank will then forward the certified copy of the account, the account opening application, nomination form, and specimen signature . It will also forward the cheque / dd for the outstanding amount in the PPF account to the new bank at the branch specified by the customer . </P>

How many times money can be deposited in ppf in a year