Question: Can You Open 2 PPF Accounts?

Can I open a PPF account in my child’s name?

A minor’s legal guardian or natural guardian (mother or father) who is a resident individual can open a PPF account on behalf of the minor.

Only one of the guardians can open the account.

Both mother and father can’t open the account on behalf of the same minor..

Can husband deposit in wife PPF?

Ankur Choudhary, Co-Founder and CIO, Goalwise replies: “Yes, your wife can have a PPF account in her name and you can invest Rs 1.5 lakh on her behalf. Under the income tax laws, income from money given to a spouse is clubbed with the income of the giver.

Which PPF account is best?

List of Banks Offering PPF AccountsAllahabad Bank.Corporation Bank.Bank of Baroda.HDFC Bank.ICICI Bank.Axis Bank.Kotak Mahindra Bank.State Bank of India and its subsidiaries which include the following –

Is PPF a good investment?

PPF or Public Provident Fund is a very good product for the long-term fixed income part of your portfolio. You should open a PPF account and invest regularly. At the time of maturity, opt for an extension. Each extension is for five years, which means that if you extend it twice it will finally mature after 25 years.

Can I continue PPF after 15 years?

Close the account and withdraw entire proceeds: A PPF account can be closed only on the expiry of 15 years from the end of the year in which the initial subscription was made into the account. … You have the option of extending your PPF account after it matures. You can extend it indefinitely in a block of five years.

Can a housewife open a PPF account?

You can open the PPF account in your wife’s name and invest Rs 1.5 lakh per annum on her behalf. However, the money given to your wife will be clubbed to your income. Getty Images The interest and maturity amount of PPF is exempted from Tax.

Can husband and wife can open PPF account separately?

First of all, both husband and wife may open PPF accounts in their name only if both of them have their own sources of income. So, a working husband cannot open a PPF account in the name of his wife.

What happens to PPF in case of death?

In the event of the death of a Public Provident Fund (PPF) subscriber, any money left in their PPF account is passed on to the nominee(s) or the legal heir(s). The paperwork and documentation for the claim vary based on whether a nomination has been registered by the PPF subscriber or not.

How much I will get in PPF after 15 years?

1,00,000 towards your PPF investment for 15 years at 7.1%, your maturity proceeds at the end of 15 years would be Rs. 31,17,276 .

Can we close PPF account after 5 years?

You can withdraw from the PPF account after it matures 15 years from account opening. You can also make partial withdrawals, after the end of 6th financial year from account opening. Finally, you can go for premature closure after 5 financial years, on specific medical and educational grounds.

What is the minimum lock in period for PPF account?

15 yearsA PPF account comes with a specified lock-in period of 15 years. However, you should keep in mind that in case of PPF, the lock-in period in not calculated from the date of opening the account. Instead, it’s calculated from the date of end of the financial year in which the first deposit was made in the account.

How can I get maximum interest on PPF?

So as a PPF subscriber, if you wish to maximise your interest earnings, you should deposit your PPF contributions on or before the 5th of every month. The ideal option would be to invest Rs 1.5 lakh between April 1 and April 5 (total limit for investing in a year is Rs 1.5 lakh) at the start of the financial year.

Which is best SIP or PPF?

The interest rate is decided by the government. SIP investment in mutual funds are ideal for all, short term, medium term and long term goals. They are ideal for wealth creation and fulfilment of goals. A PPF is ideally suitable for only long term investments of 15 years or more.

Can I open PPF account after closing one?

A PPF account can be retained after maturity without making any further deposits. The balance will continue to earn interest till it is closed. PPF accounts have a maturity period of 15 years and they can be extended. …

How can I close my second PPF account?

On how to close the second PPF account, Solanki said that one needs to approach the bank or post office where the second PPF account has been opened. If there is some PPF account interest credited, then the PPF investor will have to repay the PPF interest credited to one’s PPF account and ask for its closure.

What is best time to invest in PPF?

The best time to invest is between the 1st and the 5th of any month, preferably April each year. Interest is calculated for the calendar month on the lowest balance at credit of your account, between the close of the 5th day and the end of the month, and is credited at the end of every year.

Is PPF better than LIC?

The Public Provident Fund tends to provide a far superior rate of returns compared to an LIC policy like Jeevan Anand. What you should do is invest in the PPF and take a term policy online, which is cheaper and faster. In the term policy you do not get your money back, but, you are provided with solid insurance.

What if I invest more than 1.5 lakhs in PPF?

The maximum limit of Rs 1.5 lakh implies that you cannot claim deduction on full amount when the sum of your total contribution in PPF account and other schemes allowed under Section 80 is more than Rs 1.5 lakh in a financial year.