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.