Can I open PPF account for my all family members separately?

[Sandeep1007]

I am already having a PPF account and saving 1Lacs per year. Now I want to open a separate account for my 02 minor sons and wife separately. I wish to also deposite 1 Lacs in each account. I do not want to claim tax rebate out of all account.

Please suggest can I do this ?

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[Madhura]

Yes, you can, no problem in it.

[Matrix]

The only two conditions have to met -
1- one person can have only one ppf account
2- maximum amount he could deposit is Rs. 1,00,000 per account.

[Sandeep1007]

I have heard that maximum amount 1Lacs can only be deposited in one person and his/her dependents whether all are having different accounts. But the limit should not corssed as 1Lacs if children are minor. hence i have confused and need guidance whether it is correct or not?

[Rahul]

I have heard that maximum amount 1Lacs can only be deposited in one person and his/her dependents whether all are having different accounts. But the limit should not corssed as 1Lacs if children are minor. hence i have confused and need guidance whether it is correct or not?

The maximum limit is Rs 1,00,000/- per individual. If you want have an account in your minor son's name then the combined contribution in your account and your son's account(s) cannot exceed 1 Lac.

Source - PW.com

[Sandeep1007]

Thanks Rahul for clearing my doubts..