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What is the procedure for opening multiple PPF accounts for a family in a bank?

What is the procedure for opening multiple PPF accounts for a family in a bank?

What is the procedure for opening multiple PPF accounts for a family in a bank? Is there a limit to the number of accounts an individual can open for his family?

Jayanti Rao, Hyderabad

There is no limit on the number of PPF accounts that one may operate in a family. However, one individual cannot have more than one PPF account. The PPF accounts of minors have to be operated under the guardianship of parents. Savings in separately held PPF account in your or your spouse’s name will qualify for tax exemption separately, whether PAN cards are held or not.

olmdesk@outlookindia.com

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