I have a Public Provident Fund (PPF) account in my name. I deposit ₹1.5 lakh in it every year. I have a daughter who is three years old. I would like to open a PPF account in her name, with me as the guardian. I would like to deposit an additional ₹1.5 lakh in it annually. That is a total contribution of ₹3 lakh every year in PPF. Is this possible?
Public Provident Fund (PPF) rule allows the subscriber to open an account in the name of minors apart from his own account. However, the total contributions are subject to the maximum investment limit of ₹1.5 lakh in a financial year.