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

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

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Asked: Apr 11 '13 at 17:08

Seen: 1,936 times

Last updated: Feb 18 '14 at 00:13