Public Provident Fund - PPF

Raju

Well-Known Member
I have opened PPF accounts for my minor son. He has become major. I kept his account open and met requirement of 15 years term. Now if I want to close this account what do I have to do?
Since my son is adult, do I need to convert account? If so, where can I get the forms? My son is abroad, how can I close this account?

Your help on this wil be highly appreciated.
Hi,

I do not know if u require the money currently or can wait for further 5 years.You can calculate how it grows if you kind of reinvest/renew for 5 yrs and then again for 5 yrs.I had got one excel file which I will put on shared site.You can see the difference how it grows 15+5+5 yrs later.


Regards,
Raju
 
I went to open a PPF a/c for my kid (minor) at SBI branch where we both husband & wife have a PPF account already.

The officer told me that you cannot open minor ppf accounts anymore as govt has stopped it..........surprised by this I asked any such notification from govt or RBI but they could not show me any & refused to open the ppf a/c

Has there been any change in ppf for minor account? I don't think so but just wanted to confirm.

EDIT
I just found 1 link discussing that govt has banned ppf for minor in HUF but cant be sure if its applicable to me or not.
http://www.caclubindia.com/experts/ppf-in-the-name-of-minors-641850.asp
 
Last edited:
I went to open a PPF a/c for my kid (minor) at SBI branch where we both husband & wife have a PPF account already.

The officer told me that you cannot open minor ppf accounts anymore as govt has stopped it..........surprised by this I asked any such notification from govt or RBI but they could not show me any & refused to open the ppf a/c

Has there been any change in ppf for minor account? I don't think so but just wanted to confirm.

EDIT
I just found 1 link discussing that govt has banned ppf for minor in HUF but cant be sure if its applicable to me or not.
http://www.caclubindia.com/experts/ppf-in-the-name-of-minors-641850.asp

Maybe this is only for HUF.

I was able to open a PPF account for my kid in June 2011.
 
I met the bank manger today to reconfirm this & he said that its closed only for HUF but there is no official notification with him, he suggested to mention UNG on the ppf form & you can open the PPF a/c for kids.

UNG= Under natural guardianship
 

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