PPF account for kids
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Hi Friends,
Anybody contributes full 1.5L each in your, spouse and kids PPF account?
Does this get verified -
As per paragraph 4 of the scheme, an individual can contribute no more than Rs 1.5 lakh to his and the minor child's accounts taken together in a year.
Anybody contributes full 1.5L each in your, spouse and kids PPF account?
Does this get verified -
As per paragraph 4 of the scheme, an individual can contribute no more than Rs 1.5 lakh to his and the minor child's accounts taken together in a year.
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https://www.desidime.com/discussions/ppf-account-for-kids?page=1#post_9184903
I believe this is illegal, and once detected (even in future), any additional fund over the 1.5L wouldn't be eligible for any interest, and ideally any interest paid out can/will be reverted back... Similar loophole I have seen people exploiting by having more than 1 PPF account across different banks, which again is illegal and can be fined too...
OP: It's max 1.5L per PAN, so minors will get clubbed into either one of the parent's PAN... As mentioned above, technical loopholes exist, but better avoid as it's illegal and can lead into trouble later; not worth it imho.
https://www.desidime.com/discussions/ppf-account-for-kids?page=1#post_9184713
Loophole, might get plugged as they did with indexation on debt funds some days ago...
https://www.desidime.com/discussions/ppf-account-for-kids?page=1#post_9185467
open HUF and deposit from it
it becomes safe then
https://www.desidime.com/discussions/ppf-account-for-kids?page=1#post_9185588
Huf can open ppf?
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At present this is not verified by the bank, as the liability to ensure the cumulative limit is with the depositor. However many people are unknowingly depositing Rs. 1.5 lakh in their and minor accounts and the same cannot be detected by any algorithm