BAJAJ BROKING
January 25, 2025
3 mins read
When it comes to investing in the Public Provident Fund (PPF) scheme backed by the Indian Government, there is no age limit. If you are an Indian resident, you can open a PPF account if you are more than 18 years old. However, if you are less than 18, Read more... even then, your parent or legally appointed guardian can open a PPF account on your behalf. Besides, there is no maximum age limit for opening such an account. Hence, senior citizens can easily open a PPF account. Read less
The Public Provident Fund (PPF) scheme is a government-backed savings and investment scheme. Often, people wonder whether there is an age limit for making PPF investments. They even think as to who can open a PPF account.
The truth is there is no age limit to start investing in PPF. Anyone over 18 years of age can start a PPF account by going to a bank branch or post office. Moreover, if you are a parent, you can even open a PPF account in your child’s name, who is a minor. Hence, PPF account for minors can also be opened.
There is no age limit to open a public provident fund (PPF) account in India. All adults can open a PPF account whenever they wish. Besides, PPF accounts can be opened for minors as well.
However, for minors, their parent or legal guardian should open a PPF account on their behalf. So, there is no age limit when it comes to PPF accounts in India.
Hence, anyone can start investing in the PPF scheme to benefit from a reasonable interest rate and tax benefits. An individual’s contribution to his PPF account is tax-deductible up to ₹ 1.5 lakh per year. Besides, there is no tax on the interest earned on a PPF account and its maturity amount.
Given that there is no age limit to start a PPF account, the sooner you create a PPF account the better. If you invest in a PPF account for a long time (for example 20 or 30 years), you can create a sizeable fund thanks to the power of compounding.
If someone is under 18, then a PPF can be opened in his name. However, a minor cannot open an account on his own. Instead, his parent or guardian has to open and manage a PPF account on his behalf. Hence, you can open a PPF account even for an infant.
If you want to open a PPF account, you should be eligible for it. The following points throw light on this aspect:
A resident of India can open a PPF account provided he/she is more than 18 years of age.
An Indian resident can also open a PPF account on behalf of a minor. Hence, there is no eligibility age to open a PPF account.
One of a minor’s parents can open a PPF account on his behalf. It could be either his father or mother. Besides, a legally appointed guardian can also open a minor’s PPF account.
If a minor’s parent is alive, his grandparents are not permitted to open a PPF account on his behalf.
An individual is permitted to open only one PPF account in his name. Hence, you cannot open multiple accounts.
A Non-Resident Indian (NRI) is not allowed to open a PPF account. However, if a resident Indian opens an account and then becomes an NRI, he can keep on investing in the account until it matures.
You cannot open a joint PPF account. Such accounts are meant for individual investors.
If you want to open a PPF account, rest assured that there is no age limit for doing so. As explained above, you can open a PPF account even on behalf of a minor, provided you are the parent or guardian of that minor.
That said, you should thoroughly follow the process of opening and maintaining a PPF account. For example, while opening it, you should provide PPF account details correctly. Besides, once you open a PPF account, you have to make at least one contribution towards it in a year for it to remain active. If your account becomes inactive, you have to follow the procedure to reactivate it.
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You have to make at least one contribution in a year to your PPF account to let it remain active. If your account becomes inactive, you will not earn interest on it and you will not be able to withdraw money from it. Then, you will have to follow the process to reactivate your account.
If you miss depositing money into your PPF account for a year, it will become inactive. To reactivate it, you have to visit the branch or the post office where you have the account. There, you must submit a request for reactivation and deposit the minimum subscription amount, which is ₹ 500. You will also have to pay a penalty of ₹ 50 for each year your account remains inactive.
The lock-in period for your PPF investments is 15 years.
Yes, you can withdraw up to 50% of your money in a PPF account after the completion of five years. However, this is allowed only under special circumstances.
PPF offers advantages like a decent rate of return, tax benefits, and the power of compounding. However, as with any other investment, PPF investments are also a function of your investment objective and risk tolerance level.
First, you should start investing in PPF as early as you can. This will help you create a huge fund due to the power of compounding. Second, you should invest a lump sum amount in your PPF account at the beginning of a financial year. If you invest in PPF before April 5th, you will get the interest for the full year.
No, an individual cannot have multiple PPF accounts.
Yes, senior citizens can definitely open a PPF account. There is no maximum age limit for opening this account.
PPF calculator is a freely available tool online. It helps you estimate your potential returns and maturity amount from your PPF account. Hence, it lets you plan your long-term investments.
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