Who can Open Minor/Child/Kid PPF Account?
1- Either father or mother can open a PPF account on behalf of his/her minor child but not both.
2- Grandparents can also open the account in the name of grandchildren only in the case of both the parents died.
Documents you Need
1- Form A (Prescribed form for PPF Account opening)
2- Two recent Passport size Photograph
3- Copy of Pan Card
4- Residence Proof – Passport/Electricity Bill/Mobile Bill/Telephone Bill or Ration Card
5- ID Proof – Pan Card/Driving licence/Voter ID card or Passport
6- Pay-in slip, which will be available at the Bank/PO branch to transfer amount into the PPF account
Things to Take Care
1. Carry original documents to the bank for verification
2. All the documents should be self-attested
3. Once the account is opened, a PPF account passbook is issued to you. All transactions on your PPF account are updated in this passbook. The passbook is required for claiming tax deduction under Section 80C of IT Act.
Points to Remember
1- No nomination can be made in respect of an account opened on behalf of the minor.
2- When the amount is sought to be withdrawn from the minor’s account, the guardian should give the following certificate on application for withdrawal.
“Certified that the amount sought to be withdrawn is required for the use of ………………………… Who is alive and is still a minor.”
3- If the account is opened in the name of the minor and the minor attains majority before the maturity of the account, the ex-minor will himself continue the account thereafter. He will submit a revised application form for opening the account to the Accounts Office. His signature on the application form will be attested by the guardian who opened the account of the minor or by a respectable person known to the Branch.
4- On death of their parents, the minors or children cannot make any additional contributions to minor PPF account.
5- Although, you can open PPF accounts for your children, you cannot avail tax-deduction for all the accounts. At best, you can have tax-deduction up to Rs 1, 00,000.
6- The PPF accounts can only be opened by Indian nationals.