PPF depost rules 2019

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During 2019 i have deposited 1.50 lakh in my PPF account and 1.50 lakh in PPF account of my one year son ( which was opened in last month only) .

 

It has came to know that there is amendmenr in PPF2019 that one individual can  deposit only 1.50 lakh only along with minor account . And any excess deposit bank will not give any interest . 

 

Sir i have already deposited in last month only . What will happen . Bank had also accepted the funds . Is their any remedy ? Please advise . 

Is this rule is applicable or their is some misunderstanding? Please advise me what to do .

Replies (4)

An individual can open 1 PPF account for self and 1 in the name of a minor. So, your situation is fine.

Rule 3 of Public Provident Fund Scheme, 2019

An individual can open only one account in his name under PPF scheme.

Additionally, an individual can also open one PPF account each in the name of a minor or a person of unsound mind of whom he is the guardian (legal or natural).

It shall be noted that only one account shall be opened in the name of any minor or person of unsound mind by any of his guardian.

Joint accounts cannot be opened under this scheme.

Sir , as per your reply i have opened account in name is fine . But my query was that the amount deposited in minor account as well as my account of 1.50 lakh total 3 lakh is correct . Some says i can deposit maximum 1.50 lakh including minor account . 

Please clarify .

K.G.Shah (M.Com)     29 December 2019 Sir , as per your reply i can open  account in name of minor that  is fine .

But my query was that that wheher the  amount deposited by me in minor account as well as my account of 1.50 lakh total 3 lakh is correct . ?

Some says hat  i can deposit maximum 1.50 lakh including minor account .  Please clarify . 

Read more at: https://www.caclubindia.com/forum/ppf-depost-rules-2019-538651.asp

Yes, the overall limit should not exceed Rs. 1.50 lakh

Self + Minor = 1.5 Lakh

Rule 4(2), "Maximum limit of one lakh fifty thousand rupees as specified in sub-paragraph (1) by an individual shall be inclusive of the deposits made in his own account and in the account opened on behalf of the minor."

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