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Thread: Can I get interest, if I deposit Rs 1 lacs in child PPF account?

  1. #1
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    Question Can I get interest, if I deposit Rs 1 lacs in child PPF account?

    I read in lots of forum that you can deposit Rs. 1,00,000 in your PPF account and Rs. 1,00,000 in your child PPF account. Total 2 lacs.

    My query is - Can I deposit Rs. 1,00,000 in my account and the same amount i.e Rs. 1,00,000 in my child's account?

    I understand that the income tax benefit will be only for Rs. 1,00,000 (one of the above, most probable from my PPF account), but will I get interest on the amount that is deposited in the child's account as well?



  2. #2
    Moderator Matrix's Avatar
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    Getting Interest and Tax Rebate are two different parts.

    For Tax Rebate - 1,00,000 is the limit for PPF or any other investment under Sec 80 C.
    For Interest - 1,00,000 is the max limit in the PPF account. And this valid till the point the investor didn't have another PPF account in his name.

  3. #3
    Moderator CONFUSED's Avatar
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    The ceiling on deposits is Rs.1,00,000/- in a financial year at present, is both for individual self account and account(s) opened on behalf of minor(s) of whom he is the guardian, taken together.

    Source - SBOT
    Rules/Guidelines at PolicyWala | Help Old People |
    I am speaking from experience and my own personal views above - I am not an advisor, nor an expert.


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