Hello, can a HUF (Hindu Undivided Family) open a PPF account? Please answer if anyone knows.
Thanks for asking this question let me help you with it.
Can a HUF Open a PPF Account?
No, a HUF cannot open a new PPF account. I found this interesting because PPF is allowed only for individuals and minors (through guardians). HUFs that had already opened a PPF account before May 2005 can continue their account but no new accounts are allowed for HUFs now.
So, if you are thinking of opening a PPF account, it has to be in your own name or as a guardian for your child.
Who Can Open a PPF Account?
| Category | Allowed to Open PPF? | Notes |
|---|---|---|
| Resident Individual (Adult) | Yes | In own name |
| Resident Individual (Minor) | Yes | Managed by parent/guardian |
| HUF (New Account Post-2005) | No | Rule change disallowed this |
| HUF (Account before May 2005) | Allowed till maturity | Cannot be extended further |
| NRI | No | Only continuation of old account possible |
Please check the website link given below for calculating of your PPf.