PPF account for self, wife and childrens, what are the limitations?
I have a ppf account for me. My wife also have one ppf account on her name. Now i am thinking to open a Public Provident Fund (PPF) account on the name of my two children.
Can i open 2 accounts on my name or wife's name also can i open 2 PPF account on the name of my 2 childrens?
What is the maximum limit to deposit in PPF account? What happens if we deposit more than maximum limit?
Legally its not possible to open more than 1 account on your own name. You can open maximum two PPF account, one on your name and another on your one minor child name.
What you can do is, open one account on your 1 child name and nother let your wife open on 1 child name. You and your wife can open the PPF account for each child.
Money above 1,00,000 deposited in PPF account does not give any interest income. You can not generate interest income if you deposit more than 1,00,000 in your PPF account. For example, if you have deposited 1,20,000 in a year, you will receive interest on only 1,00,000.