PPF account for children

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PPF account for children





Parents may decide to open a PPF account in the name of their minor children for longterm savings and reduced taxes. An individual can maintain only one PPF account in his name. When investors open the PPF account for their minor children, the account of the child is maintained under the guardianship of the parent. For all practical purposes, both accounts are seen as one.

Eligibility A resident individual can open a PPF account on behalf of a minor child in the capacity of a guardian.

Either of the parents can open the PPF account on behalf of the minor.

Documentation KYC documents, a passport size photograph along with the proof of age of the minor child (birth certificate/school certificate) are required to be submitted along with the account opening form.

Investment limit An individual's PPF account and PPF account under his guardianship together have an annual investment cap of `1 lakh.

According to PPF rules, the `1 lakh limit is applicable for an individual, not on per account basis. Interest will not be paid on amounts exceeding the limit.

Declaration Individuals need to declare all their PPF accounts -held in their name or their minor childrens' name -when opening a PPF account for a minor.

Tax exemption The guardian can claim a maximum of `1 lakh under section 80C. This limit will apply on the balances in both PPF accounts.

Both parents cannot open a PPF account for the same child. One account per person rule will apply.

In case of the death or incapability of the parents, any other court-appointed guardian can open a PPF account for a minor child.

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