PPF Account For Child – PPF Account is a means of investment. A PPF Account can be opened in the name of young children. There is a tax rebate on investment and there is also higher interest rates than the bank. In this PPF Account, your money is locked for 15 years. A PPF account can be opened in a post office or a bank. In 1 year, you can deposit money in PPF Account 12 times.
PPF Account For Child – पीपीएफ अकाउंट
Parents can open a PPF Account in the name of their children. Both can not open separate PPF accounts for the same child. A person can open a PPF account in the name of more than one children. These accounts can be opened separately. The child’s grandfather and grandmother can not open a PPF account in his name.
The grandparents of the child can open a PPF account only when they are legally their guardian after the death of their parents. Children under 18 years of age are allowed to open a PPF account. If the child account of more than 18 years of age is being opened, then it will be considered as separate for tax reasons. His income will not be linked to the income of the parents.
1.5 lakhs can be invested in 1 year. If you invest more, you will not get interest on that amount. If you have 2 children, investing up to Rs 3 lakh can be done by opening separate PPF accounts in the name of both the mother and father. Upon completion of 15 years, you can withdraw the full amount of this account simultaneously. In the 5-5 year block, you can increase it.