SB Order 05/2024 about PPF accounts

06. PPF accounts opened under the name of a minor.

a) As I said earlier, the original content was not properly perceived by the public and the depositors are approaching post offices to close the accounts opened in the name of minor as if all the minor PPF accounts will be treated as irregularly opened accounts.

b) This is not correct. The condition is applicable for the PPF accounts opened as minor accounts operated by themselves after attaining the age of 10 years. 

c) It means that PPF account for minors can be opened by the guardian only. 

d) For the irregularly opened accounts, the PPF interest will not be paid. These accounts are eligible to get the interest @ POSB . 

e) For such irregularly opened accounts , if the minor attains the age of 18, the accounts will be turned as an individual accounts till such time only POSB interest is eligible.

f) The Date of Maturity will be calculated from the date of the minor turns an adult.