Can existing PPF account holders open PPF A/c for children? Is there any PPF double account rule? Details explained

New Delhi: The Public Provident Fund (PPF) is a popular savings scheme in India. It is backed by the government, offers tax benefits and helps people save money for the long term. You can open a PPF account for yourself but can you also open one for your child? Will having a PPF account for your child count as having two accounts? Read on to learn more about the rules for opening a PPF account for children.

How Many PPF Accounts Can You Have?
You can open a PPF account online or by visiting a post office or bank. As per government rules, you can have only one PPF account in your own name. Opening more than one account is not allowed. If you open an additional account, it will be treated as invalid. The money deposited in the extra account will be refunded but you will not earn any interest on it.

Can You Open Separate PPF Accounts for Children?
You can open one PPF account in your own name and another for your minor child as their gurdian. However, you cannot have two PPF accounts in your own name. Also, the total amount deposited in both your accounts combined cannot exceed Rs 1.5 lakh in a financial year. This limit applies to your account and your child's account together.

Can You Open Joint PPF Account With Your Child?
A PPF account can be held by only one person, so you cannot open a joint PPF account with your child. Each account is linked to the account holder's PAN, making duplicate accounts easier to detect. However, as a parent or legal guardian, you can open a separate PPF account in your child's name and manage it until they turn 18.

What Happens If You Open Second Account?
If you accidentally open two PPF accounts in your name, the second account will be considered invalid. You should inform the bank or post office about it as soon as possible. You can also request to close the second account. The money deposited in the second account will be returned but you will not receive any interest on it.

How to Open PPF Account For Child?
You can open a PPF account for your child online or by visiting a bank or post office as their parent or legal guardian. You will need to submit your child's birth certificate, your KYC documents and a minimum deposit of Rs 500. Remember, the total amount deposited in your PPF account and your child's account together cannot exceed Rs 1.5 lakh in a financial year.