I have my PPF investment at ₹1.5 Lakh and I also have my two minor kids PPF (SBI) at ₹50000 each. After this I read somewhere in the comments that you cannot put more than ₹1.5 Lakh in total including minor accounts in PPF. Is this right ? If so how can I undo the deposits?
- Suresh Babu Ganji
You can operate a PPF account for your minor children. However, the total amount that you can invest in these accounts put together is only ₹1.5 lakh. If you have more than one child, you can open an account in each child's name. But the overall investment limit would still remain ₹1.5 lakh. Also, only one of the spouses can open an account in the name of their child or children, so each child can have only one PPF account.
If it is found that you have been investing more than ₹1.5 lakh totally, the bank or the post office where you have accounts would return the excess amount to you without paying any interest. So it will be advisable to contact the bank and inform them about the same and they will guide you with the withdrawal of the excess deposits.
This article was originally published on July 13, 2016.
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