PPF account

Dear Sir,

Hope you are doing well !!

In the event of death of guardian, in relation to a minor, whether PPF account standing in the name of the minor should be closed and a new account opened In the case of an account opened on behalf of a minor, the minor is treated as subscriber. The amount in the account of a minor does not become payable on the death of the guardian, because, under Section 8 of the PPF Act the amount becomes payable only on the death of the subscriber. In case of death of guardian the account of minor remains operative and a new account need not be opened. The surviving natural guardian or a guardian appointed by competent court may continue the account of minor after producing necessary guardianship certificate.

When the minor turns 18, an application can be submitted to change the status from minor or major. The operation of the account can be handled by him/her.

Hello,

I think you need to submit an application for the change of guardian of the minor to the relevant bank/post office as per documental proof asked by them.

When the depositor turns major, he/she can submit a revised application along with the documents required and the signature of the depositor who has become major shall be attested on the revised application form by the guardian for the PPF account.

I hope that this answer satisfies your requirements.

Regards,

CA Hunny Badlani

An individual is allowed to open only one PPF account as per the law. Rules allow either of the parents to open one account in the name of their minor child as well.

Your mother can open a separate PPF account in her name only and not in her minor child's name.

It is advisable to close the exiting PPF account.

No, a separate PPF can't be opened in her name.

Yes, you mother can open a separate PPF account.

However, Your mother and sister put together should not deposit more thAn 1.5 lacs in ppf account till the time your sister is minor because at any point of time ppf authorities can deny the interest on excess amount over and above 1.5 lacs

Hello Sir,

Either you can transferred the exiting PPF account into your mother name or she can open a separate PPF in her name.

The maximum amount that can be deposited in a PPF account in a given financial year is Rs 1.5 lakh. Your mother can open a PPF account in her name or on behalf of a minor of whom she is the guardian. This is the combined limit of self and minor account. If the contribution exceeds the given limit of Rs 1.5 lakh, the additional money will not be eligible or any tax deduction or carry any interest.