Everything you need to know about Public Provident Fund

Also, it is now possible to close your PPF account pre-maturely at a penalty of 1 per cent on the interest. However, it can be done only after five years from the end of the financial year in which the account is opened, provided the money is required for the treatment of serious ailments of the account holder, spouse or dependent children, for the higher education of the account holder or dependent children or change in residency status to NRI.