POSB schemes opened under the name of the Minor

 SB Order 05/2024 dtd 21.08.2024 : POSB schemes opened under the name of the Minor 

 

01.  Extension of PPF account by NRI.

a)     This is  also we are seeing now a days in our offices .

b)     The accounts opened under PPF ,1968 scheme i.e. prior to 12.12.2019 , if the depositor became NRI during the currency of the account will earn SB ROI till 30.09.2024.

c)     From 01.10.2024 , these type of account will not earn any interest.

 

02.  POSB schemes opened under the name of the Minor

a)     As we all know minor accounts operated by self , ( i.e. by the minor himself) after attaining the age of 10 is applicable for POSB accounts and RD accounts.

b)     But the same is not followed and it is presumed that all the POSB schemes  allow this minor accounts.

c)     Earlier we have discussed about the PPF account opened inthis category.

d)     Other type of accounts , ( TD, MIS especially ) , the ROI is applicable at SB ROI. The accounts may be regularized immediately.