Public Provident Fund is a good option for safe investment. The government provides the option of opening a PPF account for minors along with adults. PPF is a better scheme for a better future for children. By investing in which you can be free from the worries of children’s education and marriage.
Can a child’s PPF account be opened?
PPF accounts can be opened in the name of children as well as adults. Although this account can be opened on behalf of the parents. Which is called Minor PPF Account. A parent can open only one PPF account in the name of a child. If someone has two children, then a minor PPF account can be opened in the name of the mother and the account of the other child in the name of the father.
Features of PPF Account
- Rs 500 and a maximum of Rs 1.50 lakh can be deposited annually in PPF.
- At present, there is a 7.1 percent interest on it.
- The maturity period of PPF is 15 years.
Can a child manage his/her PPF account?
The child can manage the PPF account only after completing 18 years of age. Minor’s PPF account can be closed after 5 years in circumstances of illness or treatment.
