I have a PPF account in my name. I want to transfer it to my son’s name now. Is it possible? What is the procedure?
Suryakant Sahu, Cuttack
A PPF account is not transferable. But you can nominate your son to your PPF account and, in case your son is a minor, you can open a PPF account in his name. However, you should know that income as well as tax deduction under Section 80C for such contributions will be clubbed with your taxable income. You can therefore have a PPF account either in your name, or in your minor son’s name. The current rules of PPF account do not permit two accounts for the same person—your son being a minor, the account is deemed to be yours and hence, the second account is not eligible to receive any interest income.
