Opening of PPF account in minor name

This query is : Resolved

RAJEEV KUMAR SRIVASTAVA (Querist)
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10 July 2010 whether at present PPF Account in name of minor child can be opened by parents recently one of sbi branch has denied to open such account please also see matter find from tax guru

Opening of an account for a minor:

(a) In view of complaints being received about non-opening of accounts for minor by some Agency banks, it is reiterated that as per Rule 3 (1) of PPFScheme, 1968, an individual may, on his own behalf or on behalf of a minor, of whom he is the guardian, subscribe to the Public Provident Fund . Further it is reiterated that as clarified, vide Ministry of Finance letter F.7/34/88/-NS II dated November 17, 1989, either father or mother can open a PPF account on behalf of his/her minor child but not both.

please update so that one may convince to bank branch
CA Rajeev Kr Srivastava
9415244134

Read more: http://www.taxguru.in/general-info/all-you-want-to-know-about-public-provident-fund-scheme-ppf-1968.html#ixzz0tG7QHPHG

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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10 July 2010 DEAR SIR,
AS FAR AS I UNDERSTAND , THIS MATTER IS UNDERSTOOD , .

PLEASE GO TO THE FOLLOWING PATH:-

http://www.indiapost.gov.in/POSBActs/PPFRules1968.pdf

PLEASE READ POINT 4. ASLO
IF YOU NOT SATISFY , THEN TELL US CA CLUB INDIA WILL REMAIN YOU.

REGARDS
REGARDS

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