WebMar 18, 2024 · An NRI can’t open a PPF Account in India. A Resident Indian who opens a PPF Account and becomes an NRI later can continue to subscribe to the account till maturity (15 years) It is mandatory for the NRI to close the PPF Account after maturity. An NRI can’t extend their PPF Account or let it as it is. Closing the account is the only option. WebSep 21, 2024 · All Indian citizens are eligible to open and hold PPF accounts. You can only hold one account in your name or open a second account on behalf of a minor. A PPF account cannot be held jointly; it can only be held in the name of one person. Non-resident Indians (NRIs) and Hindu Undivided Families (HUFs) cannot open PPF accounts.
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WebApr 4, 2024 · A nominee must be registered while opening the PPF account; The individual can contribute a minimum of Rs. 500 and a maximum of Rs. 1.5 lakh to the PPF account of the minor, in a financial year (Please note that Rs. 1.50 lakh is the maximum total contribution that can be made by a individual in a financial year cumulatively in his as … WebNov 10, 2024 · Opening of a PPF account. ... However, it is also allowed that the same individual can open another account in the name of a minor. In the case of two children, both the parents cannot open in the ... philip stein bracelet watch
PPF Account for Minors: Eligibility, Documents Required
WebEligibility to Open PPF Account. Any individual who is a resident of India can only open a PPF account. NRIs are not eligible to open PPF accounts. However, a resident Indian who has become an NRI after opening a PPF account can continue the account till maturity. Additionally, parents/guardians can also open PPF accounts for their minor children. WebHow many PPF account can a family have? A family can have multiple PPF accounts: one for each father, wife and one for each child, and so on. Can a housewife open a PPF account? Yes, housewife can open PPF account. In addition, husband may deposit own money into her PPF. WebHere is a step by step guide-. Get an application form from the nearest post office or sub-post office in your area. Fill up the form and submit it with the required KYC documents … tryalpilean