PPF Account: Public Provident Fund (PPF) is a popular savings scheme, which gives the benefit of safe return and tax. You can keep only one PPF account on your name, but open an account for a minor child.
PF account on your name
According to the government rules, you can only keep the same PF account on your name. The second account will be involved when it is opened. You will get the money invested in the second account but will not get any interest on it.
total in yourself
You cannot open more than one PPF account for yourself, but you can open a PPF account for your minor child. You cannot deposit more than 1.5 lakh rupees in total in yourself and your child’s PPF account every year. If you deposited one lakh rupees in your account, then you can deposit only 50,000 rupees in your child’s account that year.
What are the benefits of ppf
PPF is a safe and tax-free investment option. In which interest is available at the rate of 7.1% every year.
There is a tax exemption on the amount of deposits, interest and maturity.
By the way, the PPF account is for 15 years, which can later be extended for 5-5 years.
In this, you can deposit at least 500 rupees and maximum 1.5 lakh rupees every year.