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About How to Change Nominee Name in PPF
PPF allows you to nominate more than one person. You can nominate one or more nominees to your PPF account if you so wish. The PPF account holder has to mention the percentage of share in case the nominee is more than one person. But do remember nomination is not allowed to an account opened on behalf of minors. You can change or cancel the nomination at any point of time during the PPF account period, but do note that you cannot nominate a trust to your PPF account. But being the nominee does not mean you will be allowed to continue the account. All the nominee gets is the right of ownership in terms of an authority to collect the money on the death of the subscriber and retain the money as a trustee for the benefit of the persons who are entitled to it under the law.
Modern life is full of uncertainties be it in our daily life or in our financial matters. It is always sensible to be prepared for unforeseen situations. One such step is Nominee Change in PPF Account. There are multiple reasons why you may need to change the nomination in your PPF account, some of which are listed below:
Mentioned below are the eligibility criteria for opening a PPF account:
1. Can a person have 2 PPF accounts?
No, one person cannot have 2 PPF accounts. However, a family is eligible to have multiple PPF accounts, a parent or guardian of the family can have individual accounts of their own and one of them can also open a PPF for a minor child (if they have any).
2. How can I get the maximum benefit from PPF investment?
In order to obtain maximum PPF benefits, one should always make investments before the 5th of every month. Higher returns can be earned when a lump-sum investment is made at the start of financial year i.e, before 5th April every year.
3. Can a senior citizen open a PPF account?
There is no fixed upper age limit for opening a PPF account. Any Indian resident can open a PPF account and start investing.
4. Can I withdraw my PPF before maturity?
The amount in PPF account can be withdrawn only at the time of maturity. However, earlier the PPF amount was locked for 15 years. But, now the balance of PPF account can be withdrawn on completion of 5-years.
5. What is the PPF lock-in period?
Investments made to a PPF account have a lock-in period of 15 years. However, individuals can make a partial withdrawal from the PPF account after 5 years from the date of opening the account.
While opening a PPF account, you will not find the provision for nomination in the application form. The nomination has to be filed in a separate form (Form-E) to avoid any legal hassles for the nominee later on. If one wants to change the nominee name in PPF, it can be done by following some simple steps.
Allahabad Bank PPF Account
Andhra Bank PPF Account
Axis Bank PPF Account
Bank Of Baroda PPF Account
Bank Of India PPF Account
Bank Of Maharashtra PPF Account
Canara Bank PPF Account
Central Bank Of India PPF Account
Deposit Limit Of PPF
ICICI Bank PPF Account
IDBI Bank PPF
Indian Overseas Bank PPF Account
Investment On PPF
PPF Account Balance
PPF Account For NRI
PPF Account Opening Banks
PPF Account Opening Form
PPF Account Transfer
PPF Age Limit
PPF Closure Form
PPF Death Claim Form
PPF Interest Rate
PPF Lock In Period
PPF Premature Withdrawal
PPF Withdrawal Rules
Punjab And Sind Bank PPF Account
SBI PPF Account
UCO Bank PPF Account
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