I have just opened a new minor PPF account using FORM A for my son in SBI. Point 4 of the FORM A is is quite different from your view of point 5. The declaration is as below “ (iv) I also declare that I shall adhere to the ceiling on deposits as provided for by central government from time to time, which is Rs.70,000/- in a financial year at present together in an individual self account and account(s) on behalf of minor(s) of whom I am the guardian/a Hindu undivided family account/an association account. In case, at any time the said declaration is found untrue/false, no interest shall be payable to me/the subscribers on amount of deposits found in excess of the prescribed limit.”
This means that even if we deposite more than 70000(including minor), I will not get any interest(leave tax benifit- which we are aware). In my opinion, I don't see any benifit of opening a new PPF minor account. Please share any authentic link or proof or clarification from government which substantiate your point 5.
