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I and my wife both have a PPF account and are investing 70000 per year in it and claim 80C benefit for incometax deduction
I tried to open an account for my child 4 years old but the bank is refusing to open the account stating that as I already have an account I cannot open another one even in my childs name
kindly inform what is the standard procedure
Any govt order related to this please provide
Check point three of the PPF Scheme, says all. You can point your bank officers to below website. Quoted below for your info -
Bank website link - http://www.statebankoftravancore.com/ppf.htmQuote:
An individual can open a Public Provident Fund Account in his own name. He can also open an additional account on behalf of a minor of whom he is guardian. He can subscribe any amount in multiples of Rs. 5/- of not less than Rs.500/- and not more than Rs.70,000/- in a year in each of his account. A year for the purpose of the Scheme means a financial year (1st April to 31st March). The deposits in excess of Rs. 70,000 made during a year will not carry any interest and will not be eligible for rebate.
If your bank refuses to open an account in the name of a minor, you can approach a post office or nationalized banks like the State Bank of India, Punjab National Bank, Central Bank of India, Syndicate Bank and private banks like HDFC Bank and ICICI Bank.
You can open in post office, see more details below -
Source - IndiaPostQuote:
Limit of subscription:- (1) 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.