Ppf query

Hi

If income tax allows investment in PPF in minor name then your investment is valid when you have opened PPF in name of your daughter.

Kindly ask relevent law by which thet are doing so.

thanks

if we go through the law, agreement with minor would be void-ab-initio.But minor can enter into an agreement for his benefit only........[Indian Contract Act 1872 , Sec 10,11]

I think there is something wrong, pls wait for expert's reply

Originally posted by : SANDEEP R. WAWHAL
	if we go through the law, agreement with minor would be void-ab-initio.But minor can enter into an agreement for his benefit only........[Indian Contract Act 1872 , Sec 10,11] I think there is something wrong, pls wait for expert's reply

True, however PPF allows minor account to be opened with the joint name of either of parents.. 

State Bank of India PPF Account stands for Public Provident Fund Account and it is one of the favorite tax saving options. The PPF Scheme had come into effect in the year 1968 under Section 80C introduced by the Central Government. It helps the general public to gain rebate of 8% on Income Tax by creating payments to the fund. Opening a PPF Account with SBI is very simple as anybody who is an adult citizen or above can open it for themselves or on behalf of minors under their custodians. Investment on PPF can be done with the minimum deposition of Rs. 500/- per year & the maximum of Rs. 70,000/- annually.

Refer : https://www.onlinebanksguide.com/sbi-bank/ppf-account.html

Dear Sir,

Can some expert please clarify ? Whether post office is right ? Under which rule ?

I have opened PPF minor account for my daughter's higher education & marriage purpose. However post office stand makes this account almost ineffective !! 

And our government's policy is to strengthen girl child & women. However, this case does not support it..

Regards

APJ