PPF – Three accounts (one of major & two of minor) – Ceiling
Respondent No.3 is the mother of the Petitioner Nos.1 and 2. Petitioner NO.3 started PPF account No.821. She had also started separate PPF accounts No.822 and 823 in the name of minor Petitioner Nos.2 and 3 who attained majority in 2005 and 2007. However, the accounts were continued even after their majority.
On 29.6.2017, the respondent No.2 informed petitioner No.3 that deposits in three accounts, taken together, would exceed the limit under various schemes and therefore, the entire interest of Rs.6,80,000/- was forfeited.
HELD that Section 3(1) of the Public Provident Fund Act, 1968, provides that the accounts started by a major in his own account as well as on behalf of the minor, are to be combined. However, the children have already attained majority at least a decade earlier to the impugned communication of 2017.
Judgment dated 5.9.2024 of the Kerala High Court in WP [C] No.23639 of 2017 of Mrs. Fareeda Sukha Rafiq and others Vs. Union of India and others
