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Major daughter's PPF account

If you continue with your daughter's account, she will not be able to open another Public Provident Fund (PPF) in her name

Research Desk

I started a Public Provident Fund (PPF) account in the name of my minor daughter .She is now a major and wants to start her own PPF account. What are the options? I want to continue with the PPF account in her name name?
- ₹Jathar

If you continue with your daughter's account, she will not be able to open another Public Provident Fund (PPF) in her name. As per the law, there can be only one PPF account in the name of a person. You can let her take over her account. She can invest in it and claim a tax deduction of up to ₹1.5 lakh under section 80C of the Income Tax Act.

This article was originally published on February 12, 2016.

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