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PW Regular
Can I get interest, if I deposit Rs 1 lacs in child PPF account?
I read in lots of forum that you can deposit Rs. 1,00,000 in your PPF account and Rs. 1,00,000 in your child PPF account. Total 2 lacs.
My query is - Can I deposit Rs. 1,00,000 in my account and the same amount i.e Rs. 1,00,000 in my child's account?
I understand that the income tax benefit will be only for Rs. 1,00,000 (one of the above, most probable from my PPF account), but will I get interest on the amount that is deposited in the child's account as well?
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Moderator
Getting Interest and Tax Rebate are two different parts.
For Tax Rebate - 1,00,000 is the limit for PPF or any other investment under Sec 80 C.
For Interest - 1,00,000 is the max limit in the PPF account. And this valid till the point the investor didn't have another PPF account in his name.
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Moderator
The ceiling on deposits is Rs.1,00,000/- in a financial year at present, is both for individual self account and account(s) opened on behalf of minor(s) of whom he is the guardian, taken together.
Source - SBOT
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