if we want to close ppf account after five years because we want money for personal reason then is it possible and how much money refunded if we deposit rs.10000 per year
my question is that if i deposit Rs 70000 in my PPF account and in my child's PPF account too, then the tax benefit will not doble. But whether the same procedure is followed if i deposit the same amount in my wife's PPF Account.
Re: about ppf
by Vinod Bharati on Sep 18, 2010 03:36 PM Permalink
the combined deposit of more the INR 70000/- in self and minors account to whom you are guardian is not allowed. However you can contribute addiitonal INR 70,000/- to your wifes account as the interest from PPF is taxfree and hence no question clubbing of income.
I had opened a PPF account with SBI few years back. I had to open a savings a/c also as per bank's requirement. Rececntly I moved to overseas with a job assignment. Do I have to convert my savings a/c into NRO a/c? And if I want to close my savings a/c, would it affact my PPF a/c anyway?
Me and my husband both are working and had a son.Can both of us open PPF account for our son, i.e. I open a PPF account for my son as well as my husband also opens a PPF account for our son. Is it valid?
Can we both open these accounts in the same bank and branch?
Re: 2 PPF accounts
by Vinod Bharati on Sep 18, 2010 03:39 PM Permalink
For minors account either Father or mother can be a gurdian. Howevevr both can not open the account name of same minor i.e one account in the name of minor with either father or mother as a gurdian
