Planning to deposit money into PPF accounts opened in your children's names? Know the rule regarding the ₹1.5 lakh combined limit..

PPF Account Limit for a Minor Child: Are you planning to open a Public Provident Fund (PPF) account in your child's name to secure their future, higher education, or marriage? If so, you should be aware of a crucial rule regarding income tax and PPF.

Parents often mistakenly believe they can deposit an additional ₹1.5 lakh into their child's PPF account; however, income tax rules dictate otherwise. The combined deposit limit for your own PPF account and your child's PPF account is capped at ₹1.5 lakh per financial year. Let’s break down the math behind this rule in simple terms.

Can both parents deposit ₹1.5 lakh each into the child's PPF account?