I have a PPF account in my fathers name who expired a couple of months ago. But can the balance in this account be transferred to my mothers ppf by opening an account for her. Is there any such provision. She is a non taxable individual. A CA told us not to close the PPF account but to transfer the PPF balance in my mothers name and to continue the PPF account. Can anyone give me any suggestions regarding the same.
1 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 24 September 2013
Sorry to hear about your father.
No, it is not possible. You will have to close the PPF account of your father. The bank will close the account and issue the cheque of the balance in PPF account in favour of the nominee. Thereafter the nominee is free to open another fresh PPF account or may deposit in the existing PPF account. Internal transfer of balance will not happen from the account of your father's PPF to your mother's PPF. When the holder of PPF account passes away, the bank will close the account and issue a cheque in favour of the nominee.
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