Who can open PPF A/c and how much money can be deposited in PPF in one financial year?
An individual can open a Public Provident Fund Account in his own name. He can also open an additional account on behalf of a minor of whom he is guardian. He can subscribe any amount in multiples of Rs. 5/- of not less than Rs.500/- and not more than Rs.70,000/- in a year in each of his account. A year for the purpose of the Scheme means a financial year (1st April to 31st March). The deposits in excess of Rs. 70,000 made during a year will not carry any interest and will not be eligible for rebate. An individual who is a member of a Hindu Undivided Family can subscribe to the fund on behalf of and out of the income of the HUF any amount not less than RS 500 and not more than RS 70,000/- in a year. An individual can also subscribe to the fund on behalf of an association of persons or a body of individuals as referred to in clause (g) of sub section (2) of Section 80 C of the Income Tax Act, 1961 out of the income of the association of persons or body of Individuals, as the case may be
