Are Deposits More Than 1.5 Lakh in PPF Possible ?

It has been the talking for a long time whether a PPF account allows deposit of over 1.5 lacs? Unfortunately, people do not pay attention to the minute details to promote improved investments. However, it has been discovered from the PPF scheme, 1968 that deposits are capped at 1.5 lacs.

After marriage, you can very conveniently invest 3 lacs annually (1.5 lacs into your account and 1.5 lacs into your spouse’s account). You cannot breach this threshold and invest more than 3 lacs every year. Even if you’re married, you cannot think to avoid the count of contribution towards your children and then make another contribution.

PPF  be Best Tax Saving Investment Under Sec 80C.

PPF is considered to be the Best Tax Saving Investment Option under Sec 80C. According to the Public Provident Fund (PPF) Scheme, 1968, which concerns with the limits of subscription into the account, it is clear that any individual or anyone on behalf of the individual or on behalf of the minor can subscribe to the Public Provident Fund account in a denomination of less than Rs 500 and upto 1, 50,000.  Hence, it is not plausible to invest more 1.5 lacs in a PPF account. All the tax saving PPF plans can be checked and consulted online.

Highlighted are the Restrictions on a PPF Account

  1. One cannot invest more than Rs 1.5 lacs per financial year
  2. If any PPF account is opened in the name of a minor, then there needs to be a guardian
  3. The guardian can be either mother or father. A legal guarantee works well till the time legitimate age is attained.
  4. If you’re a guardian, even then the limit remains at than Rs 1.5 lacs in all the accounts combined.
  5. Any excess amount will not earn any interest.

If at all you open a PPF account for yourself and your child, its obvious that you act like a guardian. If the amount pooled is around 1 lac, then the rest can only be invested into another PPF account?

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Do’s of the PPF Account:

  • One can contribute to PPF account of your spouse.
  • One can contribute to PPF account of your minor child
  • One can contribute to PPF account of your minor child, where you are not the guardian.
  • One can contribute to PPF account of your major child.

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