Hi,
I wanted to know if a PPF amount can be withdrawn by the nominee after the demise of the PPF account holder. My father has been maintaining the account for 12 years now. After his demise, my mother, who is the nominee, should withdraw it immediately or can she retain the same if she wants to?
If she wants to retain it until maturity, then is the amount in the PPF account still eligible from now unto maturity, or will even if we decide to retain the account (with no deposits made in the account in the future), we will not get any interest on the money in the account?
Please guide us on what is the best solution; since there is no immediate financial need, would it be wise to retain the PPF account (given that it has a good rate of interest and it is tax-free) or withdraw immediately, as that money will not attract any interest on it from hereon?
Thanks & Regards,
Rit1203
From India, Bangalore
Acknowledge(0)
Amend(0)
I wanted to know if a PPF amount can be withdrawn by the nominee after the demise of the PPF account holder. My father has been maintaining the account for 12 years now. After his demise, my mother, who is the nominee, should withdraw it immediately or can she retain the same if she wants to?
If she wants to retain it until maturity, then is the amount in the PPF account still eligible from now unto maturity, or will even if we decide to retain the account (with no deposits made in the account in the future), we will not get any interest on the money in the account?
Please guide us on what is the best solution; since there is no immediate financial need, would it be wise to retain the PPF account (given that it has a good rate of interest and it is tax-free) or withdraw immediately, as that money will not attract any interest on it from hereon?
Thanks & Regards,
Rit1203
From India, Bangalore
Acknowledge(0)Amend(0)
Hi,
I wanted to know if a PPF amount should be withdrawn by the nominee after the demise of the PPF account holder.
My father has been maintaining the account for 12 years now. After his demise, should my mother, who is the nominee, withdraw it immediately or can she retain the same if she wants to, even without making any further contributions?
If she wants to retain it till maturity, then is the amount in the PPF account still eligible to earn interest on it from now until maturity, or if we decide to retain the account (with no deposits made in the account in the future), will we not get any interest on the money in the account?
Please guide us on what is the best solution; since there is no immediate financial need, would it be wise to retain the PPF account without making any contributions to it (given that it has a good rate of interest and is tax-free) or withdraw immediately, as that money will not attract any interest on it from here on?
Thanks & Regards,
Rit1203
From India, Bangalore
Acknowledge(0)Amend(0)
I wanted to know if a PPF amount should be withdrawn by the nominee after the demise of the PPF account holder.
My father has been maintaining the account for 12 years now. After his demise, should my mother, who is the nominee, withdraw it immediately or can she retain the same if she wants to, even without making any further contributions?
If she wants to retain it till maturity, then is the amount in the PPF account still eligible to earn interest on it from now until maturity, or if we decide to retain the account (with no deposits made in the account in the future), will we not get any interest on the money in the account?
Please guide us on what is the best solution; since there is no immediate financial need, would it be wise to retain the PPF account without making any contributions to it (given that it has a good rate of interest and is tax-free) or withdraw immediately, as that money will not attract any interest on it from here on?
Thanks & Regards,
Rit1203
From India, Bangalore
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
PPF Interest.pdf