Maximum amount I can deposit in a PPF account?

I came to know through SBI officials that the maximum amount I can deposit in a PPF account combined together with accounts opened in the name of minors, is ONLY Rs. 70000/-. For Example if I have opened the a/c of two minor daughters and have three PPF accounts (one in my name and two in the name of minors ). I can deposit only Rs. 70000/- combined in above three accounts and not Rs. 70000/- in each account. My queries -
- Is the above fact is true or not as per current PPF rules?
- If it’s not true then is PPF accounts of my daughters will earn the interest or not?

Per account you can deposit Rs 70000/-. So if you have three accounts you can deposit 210,000/- (70,000 X 3), but you will only get tax rebate (under sec 80C) of maximum of Rs.70,000/-.

But here it's saying maximum 70,000/- per year per account.
Thread - http://www.policywala.com/forum/show...00-or-1-00-000

Quote:

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Originally Posted by Madhura

But here it's saying maximum 70,000/- per year per account.
Thread - http://www.policywala.com/forum/show...00-or-1-00-000

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Example -
Maximum amount deposited in single PPF account - Rs.70000/-, tax saving rebate under 80C is 70,000/-
Maximum amount deposited in single PPF account - Rs.1,00,000/-, tax saving rebate under 80C is 70,000/-
Maximum amount deposited in two PPF account - Rs.2,00,000/-(1,00,000 each), tax saving rebate under 80C is 70,000/- for one account.

Hope this clear your doubt.