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Thread: Limit for PPF minors accounts

  1. #1
    PolicyWala NewBie
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    Exclamation Limit for PPF minors accounts

    I have opened four accounts. Mine, spouse, son and daughter. I have a query - Does the Rs.70000 limit for PPF accounts include self as well as minors account, or can I deposit Rs 70000 each in self and my son and daughter accounts?




  2. #2
    PW Stalwart Manish_Kumar's Avatar
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    You can deposit Rs. 70000/- in each account no problem. So in total 4*70000= 280000/-.
    Everyone has a scheme of getting rich.. Which never works.

  3. #3
    PW Stalwart Manish_Kumar's Avatar
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    Exclamation

    But you cannot claim for more than 70000/- in your IT Return.
    Everyone has a scheme of getting rich.. Which never works.

  4. #4
    PolicyWala NewBie
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    Question

    Quote Originally Posted by Manish_Kumar View Post
    But you cannot claim for more than 70000/- in your IT Return.
    Thanks Manish. Can I open joint PPF account with my wife?

  5. #5
    PW Stalwart Manish_Kumar's Avatar
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    Quote Originally Posted by PW123 View Post
    Can I open joint PPF account with my wife?
    No. You cannot open a joint account with another individual. The account can only be opened in one person's name.
    Everyone has a scheme of getting rich.. Which never works.


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