PPF Account: Want to close the child’s PPF account? Follow these rules, know details

PPF Account Rules: The special feature of this scheme is that there is no minimum age for opening an account for children. Children below 18 years of age can open an account under the supervision of a parent.

PPF Account Closure Rules: Public Provident Fund Scheme is a very famous savings scheme investing in which you can get strong returns. PPF scheme gives very strong returns as compared to other schemes. The special feature of this scheme is that under this scheme, an account can be opened from elders to children.

The special feature of this scheme is that there is no minimum age for opening an account for children. Children below 18 years of age can open an account under the supervision of a parent. You can invest in this scheme for 15 years. Along with this, let us tell you that a compound interest rate of 7.1% is available on the investment.

After opening this account many times parents want to close the account. Children’s PPF accounts can be completed before age 15, but there are certain conditions for this. Let’s know about it.

Children’s accounts can be closed after five years of account opening. Along with this, keep in mind that parents can also make partial withdrawals from the account only for the needs of the children. If you need money for your children’s education or treatment, you can close it by withdrawing money from the account.

Keep in mind that you will have to provide proof that the money is needed only for the children. If you invest under this scheme, you get an exemption of Rs 1.5 lakh annually under section 80C of income tax.

You can open a PPF account in the name of the child in the post office or any bank. Under this scheme, you can invest a minimum of Rs 500 every year and a maximum of Rs 1.5 lakh annually.

Read More: Life insurance: If you also have a PF account, you will receive a benefit of 7 lakhs rupees all you need to do is complete this task.

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