Sumit ji, thanx for this useful information. This is a common rule for any PPF account. I want some more clarifications about the rules for PPF account of a minor child.

Suppose I opened an account in the name of my minor daughter under my guardianship. Now I will take care of that account for next 15 years. No problem.

But problem arises after completion of 15 years, as my daughter will be 17 years, then:

Is there any provision in PPF rules and regulation Act that my guardianship ends at this stage or one year later (at the age of 18 years) and my daughter who herself will now be able to make signatures, can continue the same account in her own responsibilities and in her own name?

My planning is to continue her account up to next 25-30 years until she get some source of income and thereafter gift the said account to my daughter, so that she can continue the same for more years as she needs. Is this possible?

Actually, Bank officials whom I contacted, were not very co operative and are discouraging me to not open account in the name of minor daughter. I think they are misinterpreting the rules.

One more thing, I am not investing in PPF account of my daughter for tax saving purpose. It is an investment to make her future secure by contributing small amount from the beginning. My plan will give excellent results in long term and if, after 15 years bank officials refuses to extend the PPF account of minor child then whole planning will be in vain.

so guide me.