Results 1 to 4 of 4

Thread: Maximum amount I can deposit in a PPF account?

  1. #1
    PolicyWala NewBie
    Join Date
    Sep 2009
    Location
    India
    Posts
    21

    Lightbulb 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?



  2. #2
    PW Fan
    Join Date
    Apr 2009
    Location
    Gurgaon
    Posts
    81

    Default

    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/-.

  3. #3
    Administrator
    Join Date
    Apr 2009
    Location
    Chennai
    Posts
    255

    Default

    But here it's saying maximum 70,000/- per year per account.
    Thread - http://www.policywala.com/forum/show...00-or-1-00-000
    You will pick up maximum wrong numbers when on roaming.

  4. #4
    PW Stalwart >take's Avatar
    Join Date
    Jun 2009
    Location
    India
    Posts
    291

    Default

    Quote Originally Posted by Madhura View Post
    But here it's saying maximum 70,000/- per year per account.
    Thread - http://www.policywala.com/forum/show...00-or-1-00-000
    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.


Tags for this Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •