How many PPF accounts can you hold?
Each individual can only hold one PPF account and it cannot be held jointly, though nominations are allowed.
So a husband and wife cannot hold a joint account. Each can hold their own individual accounts and can nominate each other or their children.
Individuals are permitted to open a PPF account for their minor children.
However, the total contribution by any one single individual into any of these accounts cannot exceed Rs 1.50 lakh per financial year.
The total limit of investment in PPF for each financial year is Rs 1.5 lakh, irrespective of the number of accounts you deposit this money into.
So, if you wish to open a PPC account in your minor child’s name, you will have to split this Rs 1,50,000 between your account and the account in your child's name.
If you have more than one child, you can open an account in each child’s name. However, the overall investment limit would still remain Rs 1.5 lakh.
Also, only one of the spouses can open an account in the name of their child, so each child can have only one PPF account.
PPF: Public Provident Fund
