Public Provident Fund



Friends

I have a PPF account wherein I yearly deposit the maximum prescribed amount i.e Rs ONE LAKH. I want to open PPF account  in the name my son (10yrs) as a guardian. I would like to know whether I can deposit another one lakh rupees yearly in my son’s PPF in addition to one lakh rupees that I deposit in my PPF . However,I shall claim Income tax benefit (80C) only on one lakh rupees deposited in my account.

 

2 Replies to “Public Provident Fund”

  1. Yes, you can open PPF account at your son’s name. But you can’t take double Sec80C benefit on account of this. This is the rule.

    Hope it will help you.
    Admin

    1. Dear

      Thanks for the reply. I donot intend to take double sec 80C.
      I want to enquire whether the limit of 1 lakh per year is for combined deposit in my PPF account and my childs account or can I deposit an amount upto 1 lakh in child’s PPF account in addition to 1 lakh in my account.

      Thanks





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