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Sandeep1007
31-07-2013, 03:23 PM
I am already having a PPF account and saving 1Lacs per year. Now I want to open a separate account for my 02 minor sons and wife separately. I wish to also deposite 1 Lacs in each account. I do not want to claim tax rebate out of all account.
Please suggest can I do this ?

Madhura
01-08-2013, 12:00 PM
Yes, you can, no problem in it.

Matrix
01-08-2013, 11:21 PM
The only two conditions have to met -
1- one person can have only one ppf account
2- maximum amount he could deposit is Rs. 1,00,000 per account.

Sandeep1007
03-08-2013, 04:20 PM
I have heard that maximum amount 1Lacs can only be deposited in one person and his/her dependents whether all are having different accounts. But the limit should not corssed as 1Lacs if children are minor. hence i have confused and need guidance whether it is correct or not?

Rahul
04-08-2013, 05:38 PM
I have heard that maximum amount 1Lacs can only be deposited in one person and his/her dependents whether all are having different accounts. But the limit should not corssed as 1Lacs if children are minor. hence i have confused and need guidance whether it is correct or not?

The maximum limit is Rs 1,00,000/- per individual. If you want have an account in your minor son's name then the combined contribution in your account and your son's account(s) cannot exceed 1 Lac.

Source - PW.com (http://www.policywala.com/forum/showthread.php/2680-PPF-Investment-Limit-increased-to-1-lakh-from-1-12-2011)

Sandeep1007
08-08-2013, 11:40 AM
Thanks Rahul for clearing my doubts..