Quick Answer: Can Husband Deposit In Wife PPF?

Can someone else deposit money in my PPF account?

There is an ample number of ways, through which an individual can deposit money to his account, or to the PPF account of somebody else, (including a child, spouse and member of the family).

You can deposit money in a given PPF account for a maximum of 12 times during a given financial year, via any of these means..

What is best time to invest in PPF?

Even though the interest on PPF deposits is calculated and becomes due every month, it is credited only at the end of the financial year. Hence, if you are also planning to invest in PPF in the new financial year 2020 to save tax or simply as an investment then you should do it before the 5th of April.

Can I invest in FD in my wife’s name?

So, if you invest in FDs in the name of your non-earning spouse, the interest earned will be added to your taxable income. … So, you can’t reduce your tax liability on FD interest by investing in your spouse’s FD account.

Can I invest in my wife name?

Spouse: Many investment instruments such as insurance, Public Provident Fund (PPF), fixed deposits and shares allow investment in the name of spouse. But any return on such investment is considered as income of the proposer and gets taxed accordingly.

Can I open both PPF and Sukanya samriddhi account?

You can open both Sukanya Samriddhi Account and PPF account for your minor child.

Can husband and wife both invest in PPF account?

First of all, both husband and wife may open PPF accounts in their name only if both of them have their own sources of income. … He or she may open accounts for his/her minor children, but total investments in PPF against a single PAN cannot exceed the statutory limit, which is now Rs 1,50,000 in a financial year.

Can joint account holder open PPF?

1. Eligibility: A PPF account can be opened in a post office or a bank by an individual in his own name as well as on behalf of a minor. However, as per rules, a PPF account can’t be opened in the name of a Hindu Undivided Family (HUF). Also, a joint account can’t be opened.

Can we deposit Rs 150000 each in self and spouse PPF account separately?

You cannot invest more than Rs 1.5 lacs per financial year in PPF account. For the PPF account opened in the name of a minor, there has to be a guardian.

Can I have 2 PPF accounts?

The PPF rules allow the same individual to open another account in the name of a minor but it does not allow to hold more than one PPF account in one’s own name. While only one PPF account is allowed to be opened in one’s name, there could be a possibility that one ends up holding multiple PPF accounts.

Can I open another PPF account after 15 years?

A PPF account can be retained after maturity without making any further deposits. … PPF accounts have a maturity period of 15 years and they can be extended. If there is no fund requirement, financial planners say, PPF account holders should extend the account beyond 15 years.

What will happen if I deposit more than 1.5 lakh in PPF?

“Amount beyond Rs 1.5 lakh cannot be deposited in the PPF account as the transaction will be rejected at the time of transfer. … Even if the depositor manages to deposit more than the limit, the transaction shall be subsequently rejected.

What happens to PPF in case of death?

In the event of the death of a PPF subscriber, any money in his account is passed on to the nominee(s) or the legal heir(s). … In the event of the death of a Public Provident Fund (PPF) subscriber, any money left in their PPF account is passed on to the nominee(s) or the legal heir(s).