Can anyone answere me the following: 1.Max. amount that can be invested in a PPF amount. 2.Can I open PPF account for myself, my son & wife and invest the same max. amount in all these accounts.
RE:PPF
by shahid iqbal siddique on Feb 22, 2007 03:41 PM Permalink
Yes you can open PPF account for your family members and in each account you can deposite max of Rs 70,000 but you will get a tax benefit for your PPF account only, deposites made to family members PPF account is taxable.
RE:PPF
by pankaj agarwal on Feb 22, 2007 03:15 PM Permalink
1. Maximum amount can be invested in per PPF account is Rs. 70,000/- 2. Yes you can open PPF account in your name, son as well as wife
RE:PPF
by roland kumar on Feb 22, 2007 03:19 PM Permalink
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RE:PPF
by Pankaj Jain on Feb 22, 2007 03:20 PM Permalink
1.In a PPF account you can invest within a range from 500-70,000 Rupees in one financial year.
2. Yes you can open PPF account for all the earning member of house, but now a days it is not advisable to do so. Its better to go FD in national or private bank where u will get an interest rate of about 9%, whereas in PPF its 8% and if you are going for 5Yrs FD then you will get TAX benefit under the same section as well. In PPF locking period is high 15 Yrs.
