PPF RULES AND REGULATIONS
What is PPF or Public Provident Fund Scheme ?
The full form of PPF is Public Provident Fund Scheme. It is a scheme of the Central Government, framed under the PPF Act of 1968. Thus we can say PPF is a government backed, long term small savings scheme, which was initially started by the Government to provide retirement security to self employed individuals and workers in the unorganized sector. However, at present it is considered as the best tax saving scheme across all sections of the people who needs to invest to save some tax.
Who Can Open a PPF Account or Who are eligible for Public Provident Fund Scheme Accounts ? Who CAN NOT open PPF account ?:-
Individuals who are residents of India can open an account under the scheme.
Only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor. Thus, PPF account can also be opened by either parent under the name of a minor. However, each person is eligible for only one account under his/her name. Mother and Father both cannot open Public Provident Fund (PPF) accounts on behalf of the same minor. Thus, in case a couple has two children, they can maximum open four accounts i.e. two in their own accounts and two in the name of their children under guardianship of either of the parent.
Non-resident Indians (NRIs) are NOT eligible to open an account. However a resident who becomes an NRI during the tenure prescribed under Public Provident Fund Scheme, may continue to subscribe to the fund until its maturity on a non-repatriation basis. (Funds can be transferred via CASH or NRO Account. Funds can be transferred via Internet banking). However, such an account will not be eligible for extension of five years at the time of maturity.
Since 13th May, 2005, Hindu Undivided Family can NOT open an account under the scheme. However, accounts opened prior to that date may continue subscription to their account till maturity. They also can not extend the account any further.
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