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Thread: Can I open PPF account for my all family members separately?

  1. #1
    NewBie
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    Default Can I open PPF account for my all family members separately?

    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 ?



  2. #2
    PW Stalwart
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    Yes, you can, no problem in it.
    You will pick up maximum wrong numbers when on roaming.

  3. #3
    Moderator Matrix's Avatar
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    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.

  4. #4
    NewBie
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    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?

  5. #5
    Moderator Rahul's Avatar
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    Quote Originally Posted by Sandeep1007 View Post
    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
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  6. #6
    NewBie
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    Thanks Rahul for clearing my doubts..


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