Public Provident Fund: What are the limits up to which one can deposit in one or more PPF accounts?

What is the maximum amount that I can deposit in 4 PPF accounts: 1 for myself and 3 minor my minor children?  Is it 1.5 lakh taking all 4 accounts together or 1.5 lakh in each account; 1,50,000×4=6,00,000?

By Balwant Jain, tax and investment expert

As per the PPF rules, 2019 an individual can open one account for himself as well as one account on behalf of each minor child or a person of unsound mind of whom he is the guardian. Please note that only one PPF account can be opened in respect of a person and multiple PPF accounts are not allowed to be opened.

One can deposit a maximum of 1.50 lakh in one PPF account during a financial year. A person can deposit into the PPF account of himself and minor children. However, the maximum amount that a guardian/parent can contribute to the PPF account of himself/herself and all the minor children taken together cannot exceed 1.50 lakh in a financial year.

The PPF rules 2019 are silent about contributions to the PPF account of spouses and major children. The income tax laws allow deduction under Section 80C for PPF contributions made to self, spouse, and any child whether minor or major up to 1.50 lakh in a year along with other eligible items.

Reading together income tax laws and PPF rules 2019 together one can infer that the limit of the maximum contribution of 1.50 lakh in a year which one individual can make applies to contributions made toward the PPF account of self and all his minor child but no such limit is prescribed for contribution made to PPF account of spouse and major children of the individual as long as the contribution in each account does not exceed 1.50 lakh. 

So, in your case, you can contribute a maximum of 1.50 lakh for all the four PPF accounts taken together. This limit would not have applied had your children been major.

Balwant Jain is a tax and investment expert and can be reached at and on @jainbalwant on Twitter.

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Updated: 08 Nov 2023, 12:45 PM IST

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