Can I invest in PPF for my child?

Only one of the parents can open a PPF account on behalf of a minor, and they need to be resident Indians. Parents can manage the PPF account of a minor until he or she turns 18.

What is the minimum age to open PPF?

There is no age requirement for opening a PPF account. Adults, as well as minors, can have a PPF account. However, in the case of minors who are below 18 years, the account should be operated by a guardian on his/her behalf until he/she turns 18. People who wish to open a PPF account have no age requirements.

How many PPF accounts can be opened in a family?

One can open a PPF account in a bank or at a post office, but only one account can be held in one’s own name. If there is more than one PPF account, one of them has to be closed. The government has recently released rules and Standard Operating Procedure (SOP) for dealing with cases of amalgamation of PPF accounts.

Can I claim PPF deduction for child?

PPF contributions You can claim income tax deduction for the contributions made to your own PPF account as well as the PPF account of any number of your child and your spouse. However, the restriction of Rs 1.50 lakh will not apply for contributions made to the PPF account of your spouse and major child.

Can I deposit money in my daughter’s PPF account?

So while contributing to your own account, you can also contribute to the PPF account of your daughter as long as the aggregate of all the deposits by each one of you does not exceed the threshold of Rs. 1.50 lakh for contribution made to own account and PPF account of your daughter. Even there is a limit of Rs.

Can 1 person have 2 PPF accounts?

As per the Public Provident Fund (PPF) Scheme rules, an individual cannot have more than one account.

Which one is better PPF or Sukanya Yojana?

Choosing between Sukanya Samriddhi Account and Public Provident Fund is a settlement between flexibility and higher returns. PPF offers more flexibility and SSA gives higher returns. If you have a surplus amount which you want to invest, you can also choose to distribute their investments in both the schemes.

Can I open a PPF account for a minor?

An individual can open a PPF account a child’s name in the capacity of guardian of the minor. But remember that a PPF account cannot be opened in joint names. When the minor turns 18, he/she can operate the account. Loans and other benefits like partial withdrawals from the minor’s account are also allowed.

What is the maximum amount of PPF account for 5 children?

If you have your own PPF account and also you became guardian for all 5 children, then the COMBINED limit of your account and your 5 children account is Rs.1,50,000 ONLY. b) PPF Account For Wife

How to open public provident fund (PPF) account?

The Public Provident Fund account can be opened with a post office or a designated bank brand authorized to open the PPF accounts. The interest generated on the investment made in the PPF account and the maturity amount, both are tax-free.

What is the deduction limit for opening a PPF account?

Each PPF account does not get a separate deduction limit of Rs 1.5 lakh. Points to note. PPF account can’t be opened by grandparents for the minor child unless they are legal guardians after the death of the parents. It is better to register a nominee while opening the PPF account.