I am aware that citizens of India can contribute money into a public provident fund (PPF) which will get locked in for 15 years. I am also aware that one can open a PPF account on behalf of a minor if they are their legal guardian.
In my situation, my dad had opened a public provident fund account on my behalf around 10 years back when I was 17. He has been contributing to this account till date and has also claimed tax relief under section 80C for the same. This account will mature in 5 more years.
I have the following questions :
- Since I am no longer a minor, can I start contributing to this account right away and claim tax relief for my contributions? I understand that to do this, my dad will have to stop contributing to the account and stop claiming tax relief for the same.
- Do I need to submit some paperwork to the bank before I can start contributing to the account or can I start contributing right away and start claim tax relief for the same assuming that my dad will no longer contribute to this account?
- What will be the features of such a PPF account with respect to maturity, withdrawals, interest, tax on interest, etc.