CA Sakchi Jain Instagram – Don’t invest in PPF without watching this!!
Reforms will be implemented commencing October 1, 2024.
According to the circular, Post Office Savings Accounts (POSAs) interest will continue to be paid on these irregular accounts until the minor reaches the age of 18, at which point they become eligible to open a regular account. Once the individual turns 18, the applicable interest rate will be applied.
In this example we have considered that the parent is already investing 1.5L in PPF in his/her name.
This rule is applicable only for Irregular Minor Accounts not for all accounts.
In any of these cases:
1. If both the parents have opened separate PPF account for the same child.
2. If both the parents and grandparents have opened a PPF account for the same child.
3. The same kid has one standalone PPF account and one more joint PPF account with either of the parents.
4. The guardian is depositing 1.50 lakh in his account and 1.50 lakhs in the account of the minor as well.
There can be more cases that can be considered Irregular when parents try to make more than one account of child or exceed the limit.
Part 2 coming soon!
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#ppfaccount #childsavings #ppfrules #financialplanning #investmentupdates #savingsforfuture #ppfinterest #minorinvestment #personalfinance | Posted on 18/Sep/2024 19:26:41
