One Reply to “Multiple PPF accounts?”

  1. You can open 2 PPF accounts – one in your name and another in the name of your minor child (with you as the guardian). The aggregate limit of Rs 70,000 is for the account of an individual and minor combined together. However contributions made by you to other PPF accounts (spouse and major children) is excluded from this limit. Tax benefit available up to a maximum of Rs 70000 p.a. for the individual irrespective of the number of contributions made by him in a year.

    PPF is an excellent investment option for the purpose of saving money in the name of minor child as firstly, they do not attract clubbing provisions of sections 60-64 of IT Act. Secondly PPF is one of the few investment alternatives that are EEE (Exempt on interest earned, exempt on maturity, exempt from tax).

    Regards
    Raja





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