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
Loophole, might get plugged as they did with indexation on debt funds some days ago...
aam_aadmi wrote: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
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.
open HUF and deposit from it
it becomes safe then
ami123 wrote:Huf can open ppf?open HUF and deposit from it
it becomes safe then
dhinchakrohit wrote:
Huf can open ppf?
From huf deposit in childs ppf
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.