I have a PPF account where I invest Rs. 1.5L every year. If I open an SSA account for my daughter (<10y age), will I be allowed to invest Rs. 3 lakhs max p.a. (so 1.5 each in my PPF & my daughter’s SSA account) OR the 1.5 lakhs is the max investment permissible for both the schemes combined?
Hi..I read your blogs on ppf they were very informative..what I understand that if father has own ppf ac & minor child’s ppf ac linked as underguardian to his cif no. than max.limit of deposit is 1.5lac combined..is that right? If above scenario is right than can you guide me what will be the stepwise procedure to revert neft of excess 50000Rs deposited in my ppf ac. From yes bank to sbi ,,as I already Deposited 1.5lac in my minor child’s ppf ac too. Both ppf ac’s are in sbi same branch..if you can reply me on my email id- [email protected] /or whats app on mob..09914422087 I will be very grateful to you..Thanks..I Knew you can help me out..or convey me where I can see your reply.thanks again..
Manish-Yes, your understanding regarding the maximum contribution of an individual is right. You can’t reverse the transaction. This will be in that PPF account without interest and wil be eligible to withdraw at maturity.
Vinit-It is Rs.1,50,000 only. As per PPF rules you can not invest than the specified limit of Rs.1,50,000 (current maximum limit per PPF account) in your OWN account and minors account where you are guardian. So including your’s and minor account where you are guardian, the maximum limit is Rs.1,50,000 ONLY.
Hi, just to reconfirm, is the combined limit applicable for PPF + SSA combination as well or Just for PPF + Minors PPF?
Vinit-MY answer is related to PPF ONLY. SSA is totally different product. So don’t combine that with PPF rules. You can invest in your and minor daughter’s PPF account up to Rs.1.5 lakh and in SSA again Rs.1.5 lakh. Both are totally different.