PPF - Date of Realisation is date of deposit
FOR most of the government transactions, in case of deposit by local cheque or demand draft, the date of tender of cheque or draft is treated as date of deposit, provided the related cheque is honoured on presentation for encashment.
In the case of Public Provident Fund Scheme, 1968, Government of India has clarified that " when a deposit is made in the PPF account by means of a local cheque or demand draft by the subscriber, the date of realization of the amount will be the date of deposit ."
RBI wants the banks operating PPF to note this and incorporate this in the computerized system.
RBI also clarifies that an individual may, on his own behalf or on behalf of a minor, of whom he is the guardian, subscribe to the Public Provident Fund.
Either father or mother can open a PPF account on behalf of his/her minor child but not both.