Can I invest more than 1 lac in PPF accounts of mine and daughters ?

POSTED BY Umashankar ON February 23, 2014 10:31 am COMMENTS (3)

I am having my own PPF a/c. I have opened a PPF a/c in my daughter’s name who is 12 year’s old.

Can I deposit Rs. 1 Lakh each in both the a/c in a financial year ? Is it required to declare the minor a/c also in Form 16 ? Additionally, can I open a PPF a/c in my wife’s name who is a housewife ?

3 replies on this article “Can I invest more than 1 lac in PPF accounts of mine and daughters ?”

  1. ashalanshu says:

    Dear Usctty, yes is the answer. till she is minor and her account is uder your guardianship, the combined limit for 2 accounts ‘ll be 1L Rs. Once she is major, you can invest 1+1=2L Rs. in these 2 accounts.

    Thanks

    Ashal

  2. usctty1970@gmail.com says:

    I hope that I can deposit Rs. 1 Lakh when my daughter will be 18 years and the account will be in her name. Please clarify.

  3. ashalanshu says:

    Dear Usctty, you can not invest 2L Rs. in the 2 said PPF accounts. As you are the guardian in your minor d’ter’s PPF account, the combined limit for these 2 accounts ‘ll be 1L Rs.

    Yes you can open one more PPG account in your wife’s name and can deposit 1L Rs. there. By the way, why are you asking for all money in PPF alone? Can you not invest elsewhere?

    Thanks

    Ashal

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