PPF: All the people keep on taking various measures to make the life of their children pleasant. They always try for their children’s education and good lifestyle. In such a situation, investing in all efforts is also a better option.
Children’s education as well as life can be improved by investing a good place. In many investments, you can get high returns even by investing less money. Today we are going to tell you about some such investments.
Public Provident Fund (PPF) is a great option:
You get excellent returns in Public Provident Fund (PPF). Here you can open a PPF account for your minor child at the right time and deposit a fixed amount. If money is deposited in this account every month, then after some time when your child will grow up,
So you will have a good amount in that account. If you also want to open a PPF account for your child, then let us tell you that there is no age restriction in it. At the same time, we will tell you further about the documents required in this.
How to Open Public Provident Fund (PPF) Account:
PPF account for children can be opened at any time. That’s where investments can be made in this account. PPF account can be opened in any authorized bank branch by filling Form 1. Let us tell you that the earlier name of this form was ‘Form A’. Opening it in the nearest bank branch of your house will make it easier to operate.
Documents required in Public Provident Fund (PPF) account:
Valid Passport, Permanent Driving License, Voter ID, Aadhar, Ration Card details are required to open a PPF account. These can be presented as address proof. As proof of identity, PAN Card, Aadhar, Voter ID, Passport, Driving License can be presented in front of the bank.
The same, for a minor child, his/her birth certificate has to be produced. At the same time, one can open the account by giving a passport size photograph as well as a check of at least Rs 500 and above.
How does it benefit:
Talking about the benefits of this, suppose a PPF account of a 3 year old minor child has been opened and invested in it. Let us tell you here that the PPF account is opened for at least 15 years and it can also be increased according to the coming.
This account will mature after the child attains the age of 18 years. Assuming that Rs 10,000 is deposited every month in the child’s account till the age of 15 years, then you get returns at the rate of 7.10 per cent. If we calculate this, then there will be Rs 3,216,241 in the PPF account of that child. After the child turns 18, he will get this amount.
