Can PPF Account Be Transferred To Another Person?

How can I merge two PPF accounts?

You have to get the approval from the Department of Economic Affairs to merge your two PPF accounts by writing a letter to them.

Furnish all your account details in that letter and request them to merge these accounts.

Your accounts will be merged after your request has been approved..

Which is best SIP or PPF?

The interest rate is decided by the government. SIP investment in mutual funds are ideal for all, short term, medium term and long term goals. They are ideal for wealth creation and fulfilment of goals. A PPF is ideally suitable for only long term investments of 15 years or more.

Can I withdraw PPF after 5 years?

Can I withdraw PPF after five years? Yes, you can make partial withdrawals from your PPF account after five years. However, the maximum amount you can withdraw is capped at the lower of the two – 50% of the balance at the end of the fourth financial year or 50% of the balance at the end of the preceding year.

What can I do after PPF maturity?

A PPF subscriber whose account is about to mature can choose to close the account and withdraw the entire proceeds. The other option would be to opt for extension of the PPF account, which can be extended for one or more blocks of five years each, on application by the subscriber.

How can I change my PPF account holder name?

Steps to Change Nominee Name in PPFThe first thing one must do to change the nominee name in PPF is to acquire Form F from the bank or post office from where you created the PPF account.All you have to do is fill out this form with the correct details and submit it to the concerned bank or post office.More items…

How many times PPF account can be transferred?

PPF Account Transfer Only one PPF account can be held per adult individual, except in the case where a parent or guardian is creating and maintaining an account on behalf of a minor. The PPF Account itself, however, can be transferred from a bank to the post office, and vice versa.

Can I open 2 PPF account in different banks?

Persons having a PPF account in the bank cannot open another account in the post office and vice-versa. If two accounts are opened by the subscriber in his name by mistake, the second account will be treated as irregular account and will not carry any interest unless the two accounts are amalgamated.

Can husband and wife both have PPF account?

First of all, both husband and wife may open PPF accounts in their name only if both of them have their own sources of income. So, a working husband cannot open a PPF account in the name of his wife.

Can I open another PPF account after 15 years?

A PPF account can be retained after maturity without making any further deposits. … PPF accounts have a maturity period of 15 years and they can be extended. If there is no fund requirement, financial planners say, PPF account holders should extend the account beyond 15 years.

Who can be nominee in PPF account?

You can open a PPF account in your own name or on behalf of a minor of whom you are 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.

What happens to PPF account if the account holder dies?

In the event of the death of a PPF subscriber, any money in his account is passed on to the nominee(s) or the legal heir(s). … In the event of the death of a Public Provident Fund (PPF) subscriber, any money left in their PPF account is passed on to the nominee(s) or the legal heir(s).