Joint Account
Updated on October 4, 2023
PPF rules do not allow joint accounts. An account can only be opened in the name of one individual. However, parents or guardians can open an account on behalf of a minor child.
Features of joint account in PPF
Here are some key points to note regarding joint accounts in PPF:
Single Ownership: A PPF account can only be opened in the name of one individual.
Nomination: While joint ownership is not permitted, nomination facility is available. The account holder can nominate one or more persons who will be entitled to receive the amount left in the account in case of the account holder’s death.
Minor Account: Parents or legal guardians can open a PPF account on behalf of a minor. However, the combined deposit in the guardian’s self account and the minor’s account cannot exceed the maximum limit of INR 1.5 lakhs in a financial year.
Non-Resident Indians (NRIs): NRIs cannot open a new PPF account. However, if a resident who has a PPF account becomes an NRI later, they can continue to contribute to their PPF account until its maturity.
