The Finance Ministry on Monday announced new rules for Public Provident Fund holders that will allow them to close their long-term savings account early if they need to pay for education or a medical emergency. According to the ministry’s notification, the expenses could be for the account holder or their spouse or dependant children.

The notification has a few caveats – the account needs to have existed for five complete financial years, and the account holder will have to provide verified documents and bills to close it. In case of withdrawal for education, a confirmation of admission in India or abroad is necessary. For medical treatment, the illness in question will need to be a “serious ailment or a life-threatening disease.”

PPF is a savings scheme provided by the government that allows citizens to deposit up to Rs 1.5 lakh a year for a period of 15 years. It is considered a safe method of saving, as it cannot be otherwise broken prematurely and usually offers interest rates higher than regular fixed deposits.