To maintain regular ppf account
HARISH DHINGRA
(Querist) 13 July 2013
This query is : Resolved
my father had expired on 12/03/13 and he had a ppf a/c in state bank of india , but he did not deposited any amount in that ppf account for last 12 years s, what should i do for making that ppf a/c running on regular basis
Anirudh
(Expert) 14 July 2013
Once your father had expired, the PPF account cannot be maintained in his name. Rather, the legal heirs of your father would be entitled to withdraw the money lying in that account. Depending upon the quantum of money lying in the account, the State Bank of India may insist on obtaining a succession certificate. Better get in touch with the SBI Branch concerned, but NEVER TRY TO MAINTAIN THE PPF ACCOUNT AFTER DEATH OF YOUR FATHER THAT WILL BE AN OFFENCE.
Sadashiv Rupchand Gaikwad
(Expert) 14 July 2013
contact with Branch, as per guideline it is better to withdraw the amount, You may open fresh new PPF A/c
Rajendra K Goyal
(Expert) 14 July 2013
In PPF Accounts nomination is taken with the opening of the account. Confirm from the Bank in whose name nomination exist. The instructions in regard to discontinued account is as under:
Discontinued account can be revived on payment of Rs.50/- per year along with arrears of subscription of Rs.500/- per year.
If the Bank so desires you can deposit minimum deposit account of each year for the discontinued period with penalty.
Nominee can apply for payment on the prescribed form for payment.
The account can not be continued for further period after the death of the account holder.
No need of succession certificate in PPF account if nomination exist.
malipeddi jaggarao
(Expert) 15 July 2013
There is no question of revivalof discontinued account in this case as the account holder deceased. I agree with the advice of expert Mr.Anirudh.
