Part Withdrawal from a PPF Account in DOP Finacle

Important Points :

• Partial amount could be withdrawn from an account after the completion of fifth Financial years, the balance at the credit at the end of the 4th year immediately preceding the year in which the 50% of the amount can be withdrawn
• The withdrawal amount should not exceed 50% of the balance 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.
• However, in the case of extended deposit, the withdrawal amount should not exceed 60% of the balance at the beginning of the extended period.
• Outstanding balance of loan – against the PPF – will be deducted from the withdrawal amount.
• Only one withdrawal is allowed in a year.

Ø  Invoke Menu CPWTM for part withdrawal of PPF account

   Now provide all the details as mentioned below :

1.   Function Code : Add

2.   Tran Type : (i) C/NP-Cash Normal Payment [for Cash Payment]  OR

                      (ii) T/CI-Customer Transfer [for Cheque payment or 

                           Transfer to POSB Account]

3.   Type : N-Normal Withdrawal

4.   Click Go

1.   Account Number (Dr) : PPF account number

2.   Amount : ___________ [ Finacle displays Max Withdrawal Amount ]

3.   Account Number (Cr) : (i) POSB account number in case of transfer 

                                           to SB account

                                              (ii) SOLID + 0340 in case of cheque payment.

4.   Click Submit

Note down the Tran ID and get it verified by the supervisor in menu option CPWTM.