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PPF A/c for HUF

This query is : Resolved 
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(Querist)
09 April 2011 Sirs,
I have been informed that an HUF cannot open/operate a PPF A/c and as such, henceworth no Interest would be paid on the balance in the account. I have been asked by the Bank to close the account.
Is this fact correct?
Rgds and thanks in advance.
SBMehta
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
09 April 2011 YES.
A PPF account can be opened by an individual on his own behalf or on behalf of a minor of whom he is the guardian or on behalf of an association of persons or a body of individuals. An individual can open only one account for himself.
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CS ,CMA Shambhu Kr. jha

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CS ,CMA Shambhu Kr. jha (Expert)
09 April 2011 Agree with the expert
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S B Mehta

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S B Mehta (Querist)
09 April 2011 Okay. But what about exisitng accounts?
Thanks.
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Neetal Jain

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Neetal Jain (Expert)
11 April 2011 Agreed with CA Sanat
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
12 April 2011 the above account needs to be closed.
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