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What are the Current PPF Interest Rates for a Minor's Account Opened in 2023?

Milind Vadjikar |1238 Answers |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Jan 29, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Question by krish on Jan 25, 2025Hindi

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Sir, I had opened ppf account on my child name in 2023. Now he is minor. What I will get intrest rate now on that account.

Ans: Hello;

If you have only this ppf account with your PAN card/KYC credentials then you may receive regular interest as applicable to PPF accounts (currently 7.1%).

Best wishes;

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I closed my PPF account matured in Apr 2021 (Approx 3 lacs). My Son's PPF account matured in Apr 2024. He is minor as on Apr 2024. I closed his account as well (Approx 1.75 lacs). 1. Do i have any tax liability for my minor sons PPF account? as this is the second account maturing associated with my PAN number 2. Can my son open PPF account once he crosses 18 years and continue to invest and avail tax benefits as per govt rules?

Ans: 01. Interest from PPF account is not taxable, irrespective of the fact that the account is in your name or in the name of your minor son.
02. In my opinion, your son can open a new PPF account, after he becomes major & continue to avail tax benefits.
Most welcome for any further clarification.
Thanks.

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Dear Mr Anil My son who is NRI is holding PPF account for past 5.5 Yrs .With new rule from 1st Oct How much interest he will earn in this account Whether he can close this account and withdraw 100% Br

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Question by Bharat - Nov 18, 2024Hindi

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I have a PPF account (with Post office) in my name opened in 2011 and I opened one in my child name in 2019 (with SBI) with myself being guardian. If I deposit 1.5 lacs in both account every year will both of them earn interest of 7.1 %? New rules says after Oct' 2024 minor PPF account will earn interest of only Post office saving bank account, then can I close my child account and get back the money as I dont want to continue that PPF. If I close minor account now will my interest be forfeited? Thank you for taking time to answer this question.

Ans: Hello;

The combined investment in a financial year in PPF accounts in your name and in the name of your minor child, but under your guardianship, should not exceed 1.5 L.

You will be levied some penalty for pre-mature closure.

Check with your bank for extent of charges regarding this point.

Best wishes;

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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