PPF A/c for HUF
This query is : Resolved
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
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
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.
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.
09 April 2011
Agree with the expert
Neetal Jain
(Expert)
11 April 2011
Agreed with CA Sanat
CA Sanat Pyne
(Expert)
12 April 2011
the above account needs to be closed.
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