PPF: Can someone please let me know when the investment limit for PPF has changed to Rs 1.5 lakh cumulative? I have been investing in my two childrens' ppf accounts but this year I was restricted to investing Rs 1.5 lakh across both the accounts combined together. Till last year, this wasn't the case.
When this change happen? more
When this change happen? more
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Oct 31
Having long issue with MH account.. the server is slow, sms alert is not coming. There is gross slow down in Mum Kandeville branch more
Jul 05
All, thank you for your responses. I am unfortunately banking with ICICI at the moment and this year they have imposed this restriction of not being able to transfer more than Rs 1.5 Lakh cumulative across all PPF accounts. The same I have found on the websites, here's one example: https://www.bankbazaar.com/saving-schemes/ppf.html "Accounts can be opened for minors. Minors are those below the age of 18 years. However, the maximum limit of Rs.1.5 lakhs per year applies to deposits made in the minor and the major’s/guardian’s account, collectively. Grandparents cannot open an account in the names of their minor grandchildren." more
Jul 05
I too agree with the above. No limits for remittance but restriction is there for tax benefit. Please check once again with your bank. more
Jul 04
Fro Tax exemption purpose yes, you have limit that is maximum Rs.1,50,000/- annually. Another point to be noted here is you cna deposit 12 times per annum at the most and if you remit Rs.5000 every month, in that case you will end up depositing only Rs.60,000 per year per account so in all you may be depositing Rs.1,20,000/- so u must make sure that every time you are depositing more than Rs.10,000 - 15,000 per month. Limit of Rs.1,50,000/- per annum is only for Tax exemption purpose as I know, so you can remit more more
Jul 04
You can operate a PPF account for your minor children. However, the total amount that you can invest in these accounts put together is only R1.5 lakh. If you have more than one child, you can open an account in each child's name. But the overall investment limit would still remain R1.5 lakh.
If it is found that you have been investing more than R1.5 lakh in total, the bank or the post office where you have accounts would return the excess amount to you without paying any interest. So it will be advisable to contact the bank and inform them about the same and they will guide you with the withdrawal of the excess deposits.This is a strange rule but it is true. more
If it is found that you have been investing more than R1.5 lakh in total, the bank or the post office where you have accounts would return the excess amount to you without paying any interest. So it will be advisable to contact the bank and inform them about the same and they will guide you with the withdrawal of the excess deposits.This is a strange rule but it is true. more
Jul 04
