Apurva-They did the mistake and now they want to rectify that with the cost of your investment. Never heed their request. Instead, I suggest you to let them do the correction (by whatever means), or let them give in written reply to your application of name change that, you have to close the account. Coming back to your queries,
- Yes. There is no change in the product feature. But if you open the new account, then it will be for 15 years. However, in your case, it is already completed 15 years. So you can extended that for each 5 years of block. This means that you lose the liquidity of withdrawing it after every 5 years. Also, the important point to note that, you can’t deposit the accumulated Rs.7 lakh in one go, as the current yearly limit if only for Rs.1.5 lakh. Hence, you can’t invest the whole Rs.7 lakh at one go. This is considered as the new account. So the limit per year of investment will be only Rs.1.5 lakh.
- Yes, as this is the new account, you are eligible to invest of Rs.1.5 lakh for the rest of the 15 years.
- I already replied. This is the new account. Hence, you have to wait for 15 years.
- In my view, there will not be any problem. However, once you daughter’s status change from minor to major, then you have to update the same with bank. After that you are no longer be treated as guardian. So, first understand whether the maturity will be before your kid attains the age of 18 years or what. If it is before 18 years of age, then you can operate it regularly. However, if it is after 18 years of age, then it will be your kid’s PPF account.