Hi, I was reading through the article on your website about the PPF a/c. You have mentioned that "Let's say you open an account for your minor child. You can deposit Rs 70,000 in your account and Rs 70,000 in your child's account. But you will only get the tax benefit on Rs 70,000"
I heard that th emaximum contribution can be only Rs 70000 intotal into the two accounts. Please clarify.
My other question is can my wife have a seperate a/c as she has her own income?
RE:PPF
by docs333@rediffmail.com on Jul 26, 2007 01:54 AM Permalink
You can invest maximum 70000 in your account as well as maximum 70000 in minor's account but you can get tax advantage of one account or Rs. 70000 only. You wife can invest upto 70000 in her account.
My opinion: Do not invest too much amount for yours, minor's and wife's account. diversify your family investment.
Hi, Normally bank persons are reluctant for opening a PPF account, because as you said one need not have a account with them and they are not mutually benefitted. Stil I think it is better to have a PPF account in bank than Post office. I have noticed post office people are monotonous and recepion towards public is poor with grim face and they are not courteous. Getting the money at maturity is not so easy,the procedure is delayed. The problem of investing in NSC periodically/yearly is that we should keep many certificate SAFELY and REMEMBER periodically to redeem the amount. So I prefer investing in PPF(in BANK),the interest is not taxable,is better than NSC.
Sir, Your articles are very good in terms of investment options. i have some quesry can u help me out? I am a male 30 working with a pvt co. i have invested in feb'05 an amount of Rs. 22,000 in diversified mutual funds(icici, reliance, standard chartered. i do have a money back inusrance policy 5 years old which will give its first retun in feb'07. I can invest 2000 per month, plz suggest me some good portfolios to invest. my risk taking ability is moderate, and i look for a 10 years plan. regards aloke
The minimum amount to be invested in PPF is Rs. 500/- & the maximum is Rs. 70,000/-. Whether the investment is one time or one have to deposit / adding yearly ? (i.e. if I deposit Rs.30,000/- at a time, whether I have to deposit lateron yearly or I can stop depositing like NSC). Whether it is one time deposit or the amount to be deposited yearly ?
I have deposited Rs 20,000/- in PPF account. From last three years i have not deposited any money in that account. How can I continue with the account or get my money back.
your article reg. for the above, it gives investor proper guidance and advise on the investments. it helps private sector working people for their retirement plan.
