Any individual who is a resident of India can open a PPF account. He can be salaried, self employed or belong to any other category. Either of the parents of a minor can open the account on behalf of minor.
Prior to May 13, 2005 Hindu Undivided Families were also allowed to open PPF accounts. Post the said date, subscription of PPF to HUFs has been stopped. The accounts that were subscribed prior to that date are valid till the maturity of the account. However, such subscription cannot be extended.
Since, the NRIs are not residents of India; they are not eligible for opening a PPF account. The resident Indian who has become an NRI after subscribing to the PPF account may continue the subscription till the initial maturity (or expiry of extension block of 5 years). However, such subscription cannot be extended beyond initial maturity of 15 years (or expiry of extension block of 5 years). Further, the subscription shall be on non repatriation basis. Funds can be transferred via cash, NRO account or net banking. Amount deposited after maturity shall be refunded to the depositor without any interest.
Only one account can be opened by one person i.e. multiple accounts are not permitted. In case, multiple accounts are opened then no interest will be payable on the other accounts opened and the same will have to be amalgamated with the first account. Also, opening of joint accounts is not allowed, .i.e. PPF account can be opened in the name of one person only. In case, the account is opened on behalf of minor, it can be in the name of either of the parents. Both parents cannot open different accounts under the name of the same minor child. Also, grand parents cannot open an account in the name of their minor grand children.