Smart things to know your PPF account
1) You can have only one PPF account, either in your name, your spouse's name or your minor child's name. This applies across post offices and banks that open such accounts.
2) If you opened two PPF accounts long ago, close the second. Your bank or post office will return the principal invested without interest on your second PPF account.
3) There is no concept of joint holding in a PPF account. It has to be in a single name only. You can however nominate your dependents to your PPF account.
4) Interest is computed on the minimum balance between the 5th and end of a month. If you are investing a lump sum to save tax, deposit the amount before March 5 of the year.
5) You cannot offer the balance in your PPF account as collateral to take a loan. Ensure that PPF is not your only investing vehicle.
6) Nominees can claim the balance in the PPF account with interest on the death of the account holder. They cannot continue the account or make additional contributions.
Source: economic times
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