Depositing money in PPF for Minors for self – Some clarifications needed !

POSTED BY elizabeth ON October 26, 2013 12:30 am ONE COMMENT

Hi,

As per the rule book of “THE PUBLIC PROVIDENT FUND SCHEME, 1968″Any individual may, on his own behalf or on behalf of a minor of whom he is the guardian, subscribe to the Public Provident Fund (thereafter referred to as the fund) any amount not less than Rs. 500 and not more than Rs. 70,000 in a year.

As on date, the upper limit is not 70,000 but 1L.

As per my understanding, we can invest 1L in my PPF account and also 1L in my minor child PPF account.

The rule does not say

“Any individual may, on his own behalf AND on behalf of a minor of whom he is the guardian can subscribe”,

but it says

“Any individual may, on his own behalf OR on behalf of a minor of whom he is the guardian can subscribe”.

Please let me know if my understanding is correct

Thanks in Advance,

Elizabeth.

One reply on this article “Depositing money in PPF for Minors for self – Some clarifications needed !”

  1. ashalanshu says:

    Dear Elizabeth, when you are a guardian in your minor kid’s PF account, the combined limit for both accounts is 1L Rs. not 2L Rs. as you are understanding.

    Thanks

    Ashal

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