Vikram
16
Hi Pankaj,
Hope you are doing good. I have question regarding the PPF deposit limit. I have one account for myself. I want to open 2 more accounts for my minor children under my guardian. I understand as per IT act, i can claim 1 Lakh under 80C. However regarding the depoist into PPF, can i deposit 3 lakh for 3 of us. But i will continue claiming 1 lakh as deduction u/s 80C.
Regards, Vikram
As per rules, one can only deposit maximum 1 lakh combined into PPF accounts owned by him and his minor children.
But having said that, in case PPF accounts are in different banks/branches/post offices, they may not be able to cross check this condition and one may even earn interest on all account even if total deposits is more than 1 lakh.
Is it legal to open PPF account in different banks to just get more interest...
Although its not legal or correct, but as of now there are no checks in place to find out if a person has more than one PPF accounts. They ask for PAN for PPF account opening but still they don't check.
