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With the increasing cost of education and life, parents should ensure in advance that their children get quality education. There are many products available in the market that can help parents save money for their child’s future. Most of them are guaranteed returns. But, Public Provident Fund (PPF) is a scheme that offers EEE tax benefit.
However, it has a very long lock-in period of 15 years. This does not mean that parents cannot choose PPF as the child’s investment choice. PPF account is very good for minors. Minor PPF account authorized to open PPF account can be opened with post office or designated bank branch. Only one parent can open an account. Both mother and father cannot open an account on behalf of the same minor. A PPF account cannot be opened by the grandparents for the minor child until he / she is not a legal guardian after the parent’s death.
Required documents
The guardian will have to give his details along with the minor in the PPF account opening form. KYC documents of parents, photograph, age proof of minor child (Aadhar card or birth certificate) along with the filled form, PPF account will have to be deposited at Rs 500. It is better to register a nominee while opening a PPF account.
Minimum and maximum investment
The minimum contribution in a financial year is Rs 500 while the maximum contribution is Rs 1.5 lakh. The annual contribution to PPF account of you and the minor child should not exceed Rs 1.50 lakh. The PPF interest rate is Enum at 7.1%.
Short lock-in period
If you open a PPF account for your child when you are young, the lock-in period will be greatly reduced by the time they are adults. For example, when the child is 10 years old. If you start investing in PPF in the name of your minor child, then this PPF account will complete the lock-in period of 15 years, till the child is 25-26 years old. Happens.
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