PPF Deposit Limit

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

asked Apr 11 '13 at 17:08 by Vikram 162


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.

answered Apr 11 '13 at 18:49 by Pankaj Batra 5.2k320

link
Is it legal to open PPF account in different banks to just get more interest...
(Feb 17 '14 at 15:50) sakiv1089
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.
(Feb 18 '14 at 00:13) Pankaj Batra

Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Your answer
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text](http://url.com/ "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported

Tags:

×10
×2
×1

Asked: Apr 11 '13 at 17:08

Seen: 1,771 times

Last updated: Feb 18 '14 at 00:13