An individual can open a PPF account a child's name in the capacity of guardian of the minor. But remember that a PPF account cannot be opened in joint names. Key things to know about a PPF account in the name of a minor:1) An individual on his or her own or on behalf of a minor of whom he/she is the guardian can open a PPF account in the name of the child with an initial amount of a minimum of ₹100. 2) If the guardian/parent already has a PPF account in his/her name, remember that the maximum amount that can be deposited in the guardian/parent account, including child’s account, is ₹1.5 lakh per year. 9) PPF account of a minor can also be closed prematurely after five years of account opening if the amount is required for higher education of minor account holder.

Source: Mint September 29, 2019 05:26 UTC