PPF or Public Provident Fund is most popular tax saving tool. One of the main reason behind its popularity is that PPF is most tax efficient savings instrument therefore real returns are high. Moreover being a long term investment, it is very useful for Retirement Planning or achieving long term objectives like Child’s marriage or Education.
How to open PPF account
Earlier, only Post Offices were allowed to open PPF account but recently Govt allowed selected banks to open PPF account. Good news is that you can transfer your Public Provident Fund Account from Post Office to Bank & vice a versa. Unfortunately except SBI, all the branches of other banks are not allowed to offer PPF account. Only selected branches can open PPF account. Whereas in SBI, you may open PPF account in any branch so you will get wide reach in SBI. Banks allowed by Govt to open PPF Account are:
(b) ICICI Bank
(c) Associate Banks of SBI like State Bank of Mysore, State Bank of Patiala etc.
(d) Bank of Baroda
(e) Central Bank of India
(f) Indian Overseas Bank
(g) Union Bank of India
(h) IDBI Bank
(i) Vijaya Bank
Recently SBI & ICICI Bank launched online PPF account though not in true sense. You may apply for online PPF account through Net Banking facility of SBI & ICICI Bank. I will strongly recommend to open online PPF account with the bank with which you have savings account. It is very convenient as you can invest online through Net banking and can manage your account online. After a thorough research, I have decided to open online PPF account with SBI through Net Banking, i will share my experience with the readers shortly.
Another important point is that you can open only 1 PPF account & if you open 2 PPF Accounts then one of the account will be closed. Principal amount will be refunded & Interest accrued will be forfeited. Secondly, Joint PPF account is not possible. Parents can open PPF account in the name of a child being a guardian of the account.
You can open Public Provident Fund Account with min 100 Rs. In a financial year, you have to deposit min 500 Rs and max limit is 1,00,000 Rs. There is a penalty clause of Rs 50 (if min amount of Rs 500 is not deposited during FY). The account will be suspended if Min amount is not paid and you need to deposit penalty fees and arrears to reactivate the account. The cumulative interest will be calculated on 31st Mar for the financial year & will be credited to your account. You can invest lump sum or small amount on monthly basis but total no. transactions should not exceed 12 in a financial year.
Interest rate on PPF
Interest rate on Public Provident Fund Account is not fixed & is declared every year, it is linked to secondary market bond yields. The interest rate declared for FY 2013-14 is 8.7%. In layman terms, interest rates are linked to market rates. Secondly, it is advisable to invest in PPF Account between 1st and 5th of every month, if you would like to earn interest for that month. Any deposit between 6th to last day of the month will not earn interest for that month.
Subscription Period of Public Provident Fund Account
Public Provident Fund Account is opened for 15 years i.e. with 15 years lock in period. If you wish to extend the same after 15 years then it can be done in the blocks of 5 years each i.e. after 15 years you can extend for 5 more years and so on. Only “Individual” category subscribers can extend subscription period. HUF Public Provident Fund Account cannot be extended after 15 years. If you opt for extension after 15 years then anytime you can withdraw upto 60% of the balance at the start of 5 year block period and need to deposit min amount every year to keep the account active.
Another option is not to extend subscription period but maintain status quo i.e. don’t close or place request for extension of PPF account. You will continue to earn interest till account is closed and you can withdraw any amount any time after 15 years without any restriction but only 1 withdrawal is allowed during FY.
Premature Withdrawal
Major concern for Indian investors. Partial withdrawal is possible from 7th year onwards only once during the FY. The withdrawal amount should not exceed 50% of the closing balance at the end of immediate preceding year or 50% of the closing balance at the end of 4th year, whichever is lower. The complete amount can be withdrawn only after 15 years with an exception of unfortunate event of death of account holder (In such cases Nominee or legal heir cannot continue the account, it has to be closed mandatorily & amount is paid to the Nominee). Premature closure is not permitted.
You may also avail loan against Public Provident Fund Account from 3rd to 6th year only. The max loan amount can be 25% of the closing balance at the end of 2nd immediate preceding year i.e. if you are taking loan in 5th year then you can avail max loan of 25% of closing balance at the end of 3rd year. The loan should be repaid within 2 years and rate of interest will be 2% above the Interest rate declared for that FY. 2nd loan can be availed from 3rd to 6th year provided 1st loan is paid fully.
Tax Benefits of PPF
As i mentioned, PPF is highly tax efficient savings tool. It falls in EEE category i.e. Exempted at Investment Stage, Exempted at Accrual stage i.e. interest credited and also Exempted at the time of Withdrawal. Investment in PPF (subject to max limit of 1 Lac) is exempted under section 80C. The total interest earned is exempted from Income Tax at the time of accrual and withdrawal. PPF is exempted from Wealth Tax also. You can also claim tax benefit for the investments in the name of your spouse or child. To claim tax benefit it is mandatory for salaried class to provide Passbook photocopy.
I strongly recommend PPF account to my readers even if they are contributing to PF or EPFO. Some readers asked me that they have already exhausted 1 Lac limit under section 80C so is it advisable for them to invest in PPF. My answer is Yes, even if you are not getting tax benefit at Investment stage but at withdrawal stage interest is exempted from income tax & Rate of interest is very lucrative. Another common query is whether PPF account can be attached through court order in case of any debt/liability. Answer to this query is NO, the court cannot pass any order to attach PPF account of defaulter.
Just to summarize some of the key benefits of PPF before closing the topic
(a) Highly Tax Efficient
(b) Long Term Investment
(c) 100% Secured
(d) Rate of Interest linked to Bond Yields
(e) Flexibility to deposit on monthly basis
(f) Convenience of online deposit through Net Banking facility of SBI & ICICI Bank
Copyright © Nitin Bhatia. All Rights Reserved.
Thanks for sharing this awesome post and info on the PPF,
I am planning to go for ICICI,whats ur opinion on that
As i mentioned, only handicap of ICICI is limited no of branches offering PPF account. Pan india only 42 ICICI bank branches are authorized to offer PPF account i.e. only 1 in each city. Though you can operate your PPF account online but for any service request like Passbook updation etc you need to visit main branch. Pls find link of ICICI bank branches offering PPF account.
http://www.icicibank.com/online-services/public-provident-fund/designated-branches.html
Hi Nitin,
I am also interested to open PPF a/c with ICICI because I have my salary account with ICICI and using Internet banking as well. Opening & maintaining another account in SBI will be troublesome.
As you mentioned to avail services from ICICI would be difficult (with limited branches for PPF) like updating passbook, I would like to know whether we can generate statements online and submit for IT declaration instead?
Also I would like to know what are other services we need to take on PPF accounts apart from deposit & statement which can be done through internet banking?
I see an option to request for PPF account in my ICICI internet banking site, is this process online completely? If it is then I need not submit any separate document & need not visit bank, please suggest.
Can I open PPF account on my Wife or Parent’s name & avail tax benefit on the same?
To claim tax benefit, Photocopy of PPF account Passbook along with Passbook covering Page which contains account holder details is required. Online statement will not be accepted.
For other services like Withdrawal (Loan) from PPF account or closure of PPF account, Physical presence is required.
Online PPF account is not truly Online. You can only apply/place online request but you need to submit printed application form along with documents to any branch but account can be opened only in designated branch (Which has Permission from Govt to open PPF account). List of designated branches for PPF account are as follows
http://www.icicibank.com/online-services/public-provident-fund/designated-branches.html
You can claim tax benefit only for contribution to PPF account in the name of your Wife or Children. You cannot claim tax benefit for PPF account in the name of your parents.
Thanks Nitin for clearing my doubts
Hi Nitin, I have a small confusion , I want to open a PPF account . Tell me what are the problem may i face if i go with ICICI rather than SBI.
A lot depend on the staff of the bank otherwise i don’t foresee any issue in PPF account opening with ICICI Bank.
HI Nitin, I hv transfer my PPF account from BOB to ICICI BAnk, thinking smooth transaction every yr without delay… but ICICI does not allow contribution to my PPF from a joint saving bank account… pls suggest wayout
kalpesh
Only solution is to open savings account in your name. Contribution to PPF from joint savings account is not allowed.
Thanks. Very informative.
2 quick questions:
1) Can joint a/c holders (in SBI) be able to apply to PPF through same a/c?
2) Can the amount deposit be varied? (suppose, one day, i may be having some extra amount which i want to add to PPF)
Thanks for liking the post. To answer your query
1. No, the name of individual and his/her PAN should be same for both savings and PPF account linked to each other online. Alternatively you can open PPF account separately and can deposit the amount from your joint savings account through TPT (3rd Party Transfer) using net banking facility of joint savings account or through Standing instructions.
2. Yes, it can be different but total no of deposits cannot exceed 12 during the Financial Year.
thank you
Good info Sir very much satisfied i want open ppf by my net banking of sbi i saw the option in it.Thanks.5
Thanks for liking the post..Keep reading
Hi Nitin,
In Nov 13, I have subscribed to ULIP (Aegon Religare I-maximize plan) to save on tax & have some life cover. this was my first investment. Now I am planning to close it once It completes 1 year and Open PPF where i will get more returns (8 to 9%) guaranteed and a pure term plan for life cover, it will be lot more cheaper and can give me maximum returns.
All these investments I am looking for long term. (Retirement, Child Education etc)
Please share your opinion on this.
Regards,
Shadab
I concur with your decision. Its a smart way of financial planning.
Thanks Nitin
hi Nitin,
Its very informative article.
I need clarification on few points :1) can I do fund transfer from ICICI netBanking to State Bank of Patiala PPF account. 2 ) can I do fund transfer from ICICI netBanking to SBI PPF account. 3) Is it advisable to open & operate PPF in SBI w/o saving account in it.
Thanks in advance.
1. PF account of SBP can only be credited from linked SBP Savings account through net banking
2. You can transfer money from ICICI Bank to SBP savings account and then transfer the same to linked SBP PPF account.
3. I will not suggest. For convenience, open savings account and then open online PPF account linked to savings account.
Hi Nitin
Can you please let me know how can I transfer my PPF account from SBI to Andhra Bank as AB branch is very near to home and also has PPF servicing faciliy.
Thanks and Regards
It cannot be transferred from SBI to Andhra Bank.
PPF Account can be transferred from any bank to any bank or post office check the guideline at MOF wrt to PPF Act
Whether we can request the for issuing the account statement of our PPF account immediately on depositing of money in the PPF account. In my case Bank denies issuing PPF statement at the time of deposit of money stating that PPF statement will be issued on completion of relevant Financial Year. Please guide.
You may get the passbook issued for your PPF account and request for entry in passbook. PPF statement with interest can only be issued at the end of Financial year.
Thanks for your response. But in my case there is no passbook and I statement. In this case can the Bank refuse to issue statement at the time of depositing the amount. If they cannot, what is the remedy or where can I make a complaint.
Thanks for your response. But in my case there is no passbook and I get statement. In this case can the Bank refuse to issue statement at the time of depositing the amount. If they cannot, what is the remedy or where can I make a complaint.
I request you to get the passbook issued and bank cannot refuse passbook as per RBI guidelines. PPF Passbook is equivalent to statement.
Hi Nitin, Thanks for your reply. just another query. Though i have opened my ppf account with SBI. Can i link this with my other bank account. Eg ICICI Bank account. I want to transfer in my ppf a/c through net banking.
As per my understanding it is not feasible.
Hi Nitin,thanks for sharing all information.
I have a query, I have a salaried account of IDBI bank but that job I left now.
But my account still I kept active , the branch now very far from my home.
IDBI bank’s other branch near to my home offering PPF services.
So can I open PPF account in nearest branch and linked the old salaried account with it for transaction.
Normally banks have criterion that both savings account and PPF account should be in same branch. I suggest you to check with the bank reg same. If bank does not agree then you transfer your old salary account to nearest branch and then open PPF account linked to this account.
Thanks for reply…
I have an endowment poilcy for 10 years with birla sun life insurance. My annual payment is rs.25000 payable for 5 years and withdrawal at 10th year. I am paying total amount of rs. 125000 and sum assured at maturity (10years) is 225000. I have already made payment for 4 years. Is it advisable that i withdraw my policy at 5th year and invest in PPF considering more returns?
Please check surrender value of policy. It must be 30% only. I will not suggest considering the financial loss.
Hi Nitin,
I have opened a PPF account with ICICI bank. But they
are not providing me the passbook. It is also mentioned on their
website that they will not provide the passbook for PPF account. Now I
only have online statement as a proof. What can I do in this case to get
the tax rebate.
Thanks
You may get the online statement stamped and signed from branch.
HI NItin..
I have a query, I have a saving account in State Bank Of PATIALA.But now my home branch is far away from my current location.
1. Can i open my PPF account in any branch of SBP which will near to my residence?
2.I have no residence proof of my current residence,can i open open account with my permanent residence proof?
Instead of opening new account, you may transfer your existing account to nearest branch. You just need to fill one form and submit in nearest branch. If you are working then a letter from HR with new address will suffice to change the address.
Hi Nitin, IS it possible to have 2 PPF accounts one for me and one for my sposse on a joint SBI Bank account ?
As i understand, you can open 2 PPF account separately in your and your wife’s name but 1 savings account can be linked to only 1 PPF account.
I got interest on PPF acount credited in my account on 31 March 2013(from my Account statement), So i will declare
it in ITR of Assessment year 2013-2014, given the fact that Previous
year in which this interest was credited is 2012-2013(1 April
2012-31March 2013) ?
Just to check why you would like to declare PPF interest.
it is not compulsory to declare ?
PPF interest is tax exempted and you need not declare. Only interest from savings account, fixed deposit, RD etc is taxable.
Dear Nitin, I have opened a self PPF account in SBI. In addition to this, can I open another PPF account in ICICI as a parent in my child name and I being the guardian of the account. Please clarify. My child is 4 years old.
You can open but you cannot avail tax benefit.
Dear Nitin, You have mentioned that “NO, the court cannot pass any order to attach PPF account of defaulter.” Can you provide relevant detail/ reference, such as court order, Govt. Notification etc. Thanks
That’s correct but in case of economic offence/financial fraud, it can be attached.
Hi Nitin,
My SBP branch does not offer PPF facility. Should i open a new savings account in SBI? or can i transfer my SBP savings account to SBI? or is there an option to keep my SBP savings account and open my PPF account in any other SBP branch? I want the ease of transferring funds online.
Thanks,
Gaurav
You can open new savings account in SBI and close SBP savings account. SBI has wide branch network therefore open PPF account in SBI.
Dear Nitin,
I have 2 confusions regarding PPF investment in name of my wife, and would be grateful if you clarify these.
1. If I DONT invest any amount in my PPF a/c, but I invest RS 1.5 lakhs from my income into PPF a/c of my wife (Who is a housewife with no taxable income) then I can claim benefit under section 80C for this investment.
Am I Right??
2. Now I continue to do this for 15 years (till the time the PPF account of my wife matures) and keep on claiming tax benefit under section 80C, but after 15 years I close my wife’s PPF account and then all the amount accumulated in her PPF account will be treated as her income and not mine, so if that amount is invested in some FDs then that income from FDs will be treated as her income and not mine. So from tax point of view that income from FD will be clubbed in her income and not mine.
Am I right??
Regards,
Ankit
1. Yes
2. Yes
i had exactly same question. thanks
Dear Mr Nithin, If I have to get income tax benefits for the year 2015 -16, I am required to submit the passbook copy before November with my employer. How do I include the deposit that I make for the months yet to come?
You can give declaration about future investment.
Hi Nitin,
I have kept my PPF a/c dormant inactive for 4 years and now I have started paying money into it.
What I wanted to know is if I can pay the maximum allowed pending subscription arrears for the past four years.
I could not get an answer for this. Could you please advice.
You can pay along with nominal penalty. Check with the bank or post office for exact amount and to make it active.
Sorry Nitin, If the maximum allowed is 1.5L/yr and if I have kept the a/c inactive for four years, so can I pay 6 lakhs in total this financial year or should I pay only 1.5 lakhs.
Thanks Please
To keep account active, min amount to be deposited every year is Rs 500. You can deposit 1.5 lac but you cannot avail tax benefits for previous years. A nominal penalty will also be levied.
Hi Nithin,
Please clarify my query.
I have started my PPF 14yrs ago and next 2yrs it would be maturing.
Since the interest gained is tax free, Should I declare the Principle amount as income for that year while filing returns?
If yes, then should I be paying tax for it as per my slab?
For example: My investment amount is 10laks and interest is 2lak, should I declare 10lak in “Other Sources of Income” (or any other section) while filing returns?
Thanks,
Sanjay
PPF Principal amount is not an income. 100% redemption from PPF will be tax free.
Hi,
My PPF account maturity date was 23-04-2014.
I didnt close the account on maturity and extended the same for 5 years.
now I am NRI.
In this case I have to close the PPF account compulsory or I can still continue the PPF account?
Please advise.
You may extend it for 5 years. It is not compulsory to close.
Dear Sir ,
The amount contributed up to Rs.1.50 lakhs (threshold limit of Section 80C) is deductible from the gross total income under section 80C. Does this limit of Rs.1.50 lakhs includes the interest earned in March end or 1.50 excludes whatever interest we earn during the financial year?
eg: last years’ interest : Rs 10000/- credited in my account on 31 March 2015… Should / can I deposit Rs 1,50,000 or 1,40,000?
Need URGENT reply please ….
Interest is not eligible for deduction. The deduction is available only for fresh investment i.e. 1.5 lac.
Tax benefits is for each year investment??
Thats correct.
Hi Nitin
I have 2 ppf a/c
Hi nitin
Have 2 ppf a/c one is in post office another is in idbi bank. Need to close post office a/c as per rules we can open only one ppf. Please help me how to close ppf a/c as a/c can be close only after mature.
Please please help me out asap
You may submit application with post office that you have 2 PPF accounts and you would like to close your PPF account in Post Office. All the interest accrued on Post Office PPF account will be forfeited and principal amount will be refunded to you. In your case, you can close before maturity as you have 2 PPF accounts and should declare the same.
Clearly explained… very usefull… thank you so much
SIr
I’m 23 and have a regular income. I want to save for my retirement but what I found is that market is flooded with lots of confusing schemes:
1) PPF
2) VPF
3) EPF
4) SIP
5) FD
6) Pension Plans
7) then again Pension Plans like Atal Pension Yojana
While I understand they have different operational models, risk factors are different as well as target groups; but isn’t there something which I can rely upon to secure my returns after retirement?
EPF is deducted from my salary. Recently I discussed SIP (with all the risk factors involved) and found it very promising. What should a person look after? Is my EPF enough? I feel a decent FD along with regular EPF deductions would be apt if one is not willing to take (market) risks.
Your views?
From retirement planning perspective, PPF is one of the good option or you may opt for VPF. Please check following link on VPF.
https://www.nitinbhatia.in/personal-finance/voluntary-provident-fund/
Hello Sir,
I have a PPF account with SBI. I have not done any deposits since 2007. My 15 years period will be completed in 2016. How can I get my money or can I renew my account after such a long period? Will my deposit money be forfeited by bank ?
Regards
R.Bhattacharya
Don’t worry, your money is safe. You should submit written request with bank to revive the account. You also need to deposit Rs 500 towards non-payment for each financial year. Therefore if it is inactive for 8 years then you need to pay Rs 4000. For every financial year there is a penalty of Rs 50 therefore Rs 400 as a penalty for 8 years.
Thank You Sir
Dear Sir,
I had opened a PPF account with State Bank of India at SBI Delhi branch in year 2000.
Due to my transfer and other activities , I was unable to continue the deposits in my PPF account after 2007. My account will complete 15 years in 2016.
I have a savings bank account in Kolkata with SBI.
I would like to renew my PPF account.
1. Kindly advise if the same can be done here at SBI , Kolkata OR
do I have to go to Delhi to renew my PPF account ??
2. My account number given was 4 Digit number.Is there any way of getting my new MULTI digit ( 12 digit / 16 digit / 18 digit etc. ) PPF number from SBI ??
Do I have to go to Delhi to get this also ?
3. Also I do not have the passbook with me now. Will there be any problem in this case ??
Regards
R. Bhattacharya
You can place request and deposit the amount at any branch of SBI. It is advisable to transfer PPF account to your nearest branch.
Hello,
I would like to ask that I opened a PPF account 3 years back in the name of my son, wherein I’m the LG, now I know that I cannot open another account for myself, however my wife who is not associated with this particular account can she open a separate account for her savings. Pls clarify
You can open account in your name but you cannot deposit more than 1.5L in your and your son’s account as you are natural guardian. Similarly, your wife can open a separate PPF account for her savings provided you are not making any contribution in her account.
just a clarification, 1.5L in my Son’s PPF and 1.5L in my own PPF account, right. However I can take the tax benefit only for 1.5L collectively. My wife is working and I don’t need to make a contribution to her account, so she can manage that.
No. Total 1.5L in your+son’s account. You can take benefit of 1.5L in this case.
I have PPF. I get interest upto 50000. As I am not withdrawing that amount, can I claim it as the PPF deposit against 80c
No
i have a PPF account from feb 1996, extended for 5 years in 2011, and again in 2016…can i invest today in 2016 in my PPF ACCOUNT to claim exemption under 80 C or TAX exemption in PPF is for 15 years only ???
You can invest and claim tax deduction till your PPF account is active.
Hi Nitin, I recently got married and my spouse is a simple housewife.I work in an MNC and have following queries.Please clarify my doubts.I don’t have a PPF account in my name, but my wife wish to open a PPF account (1,50,000 yearly for 15 years) in her name through her savings account in ICICI bank.Since it will be me who would be contributing all the amount in my spouse’s PPF account (through my monthly earnings) and not my wife, will I be eligible to take a tax exemption of 1,50,000 every year under section 80 C.If yes, then what are the documents that I need to be submit while making a tax exemption claim.The only document that I have with me and that proves my relationship with my spouse is the marriage certificate.Please help me with a response so that I can quickly take a decision to open a PPF account for my spouse.
You can contribute to your wife’s PPF account and claim tax deduction. You need copy of PPF passbook to claim the same. She can mention husband’s name at the time of account opening so that it appears in her PPF passbook.
Though it is your personal matter but i could not understand why you want to open PPF in your wife’s name. As she is non-working and housewife & you will be contributing therefore you should open PPF account in your name and claim tax deduction.
AS PER MY KNOWLEDGE FATHER CAN INVEST IN THE PPF ACCOUNT OF SON/DAUGHTER AND GET BENIFIT U/S 80C JUST HE MUST INVEST AMOUNT BY CHEQUE ONLY.
THEN WHY SON CAN NOT INVEST OR IT IS NOT MENTIONED AND BANNED ALSO? PLEASE GUIDE.
The rules and regulations are framed by the ministry of finance therefore rules are like that only.
Hi Nitin,
can parents contribute to son/daughter ppf and claim section 80c benefits and what are the document one must have when filing for income tax return, also is there any age limit when a parent cannot claim sec80c benefits of their son/daughter ppf contribution
You can contribute to PPF account of a minor child. The tax deduction is subject to max limit of 1.5L u/s 80C towards the contribution of own or minor children’s PPF account. The passbook of a PPF will suffice to claim tax deduction.
Hi Nitin,
I want to withdraw money from my PPF. It has matured and I have extended it for 5 more years with contribution. So I if withdraw 60% of the opening balance of the year, will I still be able to contribute the same year. Also, will these contributions count towards tax exemption (under 80c)?
If you opt for extension after 15 years then anytime you can withdraw upto 60% of the balance at the start of 5 year block period and need to deposit min amount every year to keep the account active. You can contribute and claim tax deduction u/s 80C.
Hi Nitin,
Could you please let me know how and where I can get application for PPF Account transfer for Allahabad Bank ?
Thank you
You can get from bank or from bank where you would like to transfer.
Hi Nitin,
I have closing balance of Rs. 52000 in PPF account on Closing of Feb 2017.
Is amount 52000 tax exempted under 80C of Income Tax Act or only the contribution made
during FY 2016-17 which is Rs.20000.
Please clarify
Only the contribution made during FY 2016-17 i.e. Rs 20k is tax exempted.
Hi Nitin,
Can I claim tax refund for deposits to PPF account while filing IT return. Do we need to submit any document as a proof while filing the return. If yes, how to submit the document if I e-file and e-verify the return. Please clarify.
You can claim deduction at the time of filing of ITR. You need not submit any document as a proof. Income Tax department knows everything.
whether interest credited during the year in PPF account can also be claimed as investment along with other deposits during year and eligible for rebate under Sec 80c
No. It is your income therefore cannot be claimed as an investment.
Dear sir,
I have opted for 2 extension of PPF account now it is of 25 years now, can i still continue to invest in PPF and take exemption u/s 80C
Hi Sir,
I have a query. My ppf account is 8 years old and I am eligible to premature withdraw around 75000 rupees which I urgently need.
1. Can I normally withdraw that amount or will have to tell them the reason?
2. Let’s say they allow for the withdraw and after few months within the same financial year I again deposits 150000, will I still be able to claim complete 150000 under 80c or only 75000 will be counted under 80c rebate since I have already withdrawn 75000 rs.
3. Let’s say I have withdrawn some money this year, can I withdraw some more money next year as well?