21 May 2012
The maximum limit that one can invest in PPF account in a year is Rs. 1 lakh with either lumpsum subscription or maximum 12 instalments in a year. Is there also a maximum number of subscriptions in a particular month? In April 2012, I deposited Rs. 50,000/- on two different dates--my total deposit is Rs. 1 lakh. The bank has not raised any objection when I deposited twice in my PPF account in the same month. Kindly clarify what the PPF scheme states in this regard and if I should do anything.
22 May 2012
The PPF Scheme does not specify maximum one deposit in a month. It leaves the subscription to your convenience, but maximum 12 deposits in a financial year are allowed. The number of deposits, accordingly, can be more than one in a month also. Kindly advise your opinion.
CAclubindia
