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POSTED BY ON July 13, 2013 9:44 pm ONE COMMENT
Is PPF account permiietd to be opened for minor if both parents have separate ppf accounts ? If yes, can we invest one lacs each in all accounts ?
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You can certainly open an account in your child’s name
According to this:
http://www.bemoneyaware.com/blog/ppf-account-for-minor-and-self/
You can contribute a total of 1 lakh to your ppf, spouses ppf and minors ppf.
if your spouse is also earning then she can contribute a total of 1 lakh in your account, child’s account and her account.
Needless to say,the if the total contribution in a single ppf account should not exceed 1 lakh.
That is according to the article:
“If you carefully analyse the law, the maximum limit has been placed on the “Person making the Investment” and “Not on the Person in whose name the Investment has been made.” So irrespective of whether you invest in your name or your child’s name- your limit is Rs. 1,00,000 only. Moreover, practically speaking if what you are saying was allowed, every person would have been allowed a limit of Rs. 3,00,000 (assuming 2 minor children)”
That is the law. The more relevant question is should you investing so much in PPF?