PPF For Kids, can open PPF account for child's education

 

Given the rising cost of education, parents will have to start planning for their child's future education expenses from now. There are a variety of schemes going on in the market that can save for your child's education, most of which do not meet your expectations on one or more criteria. In such a situation, a PPF protection i.e. PPF Public Provident Fund Account for children can help a lot. With the current PPF rules, you can open a PPF account in the name of kids. However, the annual contribution to PPF account of you and the kid's child should not exceed Rs 1.50 lakh.

 

PPF account can be opened/operated in the absence of parents (parents, parents) or guardians. Only one parent can open an account. Both mother and father cannot open an account on behalf of the same kids. PPF account cannot be opened by the grandparents for the minor child until he/she is a legal guardian after the parent's death.

 

Where can you open an account?

 

Kids PPF account can be opened with the authorized post office or any designated bank branch to open a PPF account. You can open a PPF online account and invest in PPF online by your net banking or mobile banking.

 

Required documents

 

The guardian will have to give his details along with the kids in the PPF account opening form. You can open an account with KYC documents, photographs, age proof of the kid's child (Aadhaar card or birth certificate) of the parent along with the filled form.

 

Minimum and maximum PPF investment

 

The minimum PPF savings by contribution in a financial year is Rs 500 while the maximum contribution is Rs 1.5 lakh. The annual contribution to PPF account of you and the kid's child should not exceed Rs 1.50 lakh in a financial year.

 

PPF Under 80C

 

The interest earned in the PPF for kids account along with the maturity amount is tax-free for the account holder.