In order to close the PPF account prematurely, the account must have completed at least 5 financial years. The account can be closed only to serve the following purposes:
Treating serious diseases or life threatening diseases of the account holder, spouse, dependent children or parent.
To fund higher education of the account holder or minor account holder.
To close the ICICI PPF account prematurely, a written application needs to be submitted to the bank branch where the individual had opened his PPF account, clearly stating the reason for the same. The applicant must also attach a copy of the PPF account passbook and supporting documents.
If the application is found to be genuine, the PPF account will be closed, but a penalty shall be levied upon the account holder.