PPF account for minors
Any eligible individual can open a PPF account and invest money in it. Not only adults, but minors can also get their PPF account opened. However, the minor himself cannot open the account. In such cases, the account is operated by the guardian until the minor turns 18.
PPF Account Eligibility for Minors
Documents Required
The guardian or parent of the minor should provide the following mentioned details in the account opening form.
Where can you open the account?
PPF accounts can be opened with a post office or a designated bank branch that is authorized to open PPF accounts.
Taxation
Both the interest accrued along with the maturity amount is exempt from tax in the hands of the account holder. Contributions made towards a PPF account enjoy a deduction of up to Rs 1.5 lakh each financial year under Section 80C. However, it must be noted that only one PPF account (either of the guardian or the minor) can avail of a deduction limit of Rs. 1.5 lakh.
Important Points to Note
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FAQ’s
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