What would be the consequences in case of the death of PPF account holder?
The PPF account cannot be opened in the joint names. Further such account cannot be opened in the name of artificial / judicial persons. A subscriber may nominate one or more persons to receive the amount standing to his credit in the event of his death. No nomination can, however, be made in respect of an account opened on behalf of the minor. In the event of death of the subscriber, the amount standing to his credit can be repaid to his nominee or legal heir, as the case may be, even before the expiry of 15 years. The PPF account is not transferable from one person to another. In the case of death of the subscriber the nominee cannot continue the account of deceased subscriber. If the subscriber dies and there is no nomination at the time of death, the balance in the account, if it is upto one lakh, will be paid by the Accounts Office to the legal heirs of the deceased on receipt of application in Form G supported with necessary documents without the production of succession certific
