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One very popular example of a tax-saving instrument is the public provident fund (PPF). The PPF scheme is governed by The Public Provident Fund Act, 1968. PPF is outside the tax net throughout its life cycle, that is, it is exempt at each stage of investment (subject to the prescribed limits), accumulation and withdrawal.
Who can open a PPF account: As per the PPF scheme, any individual can subscribe to PPF . An individual can also subscribe to PPF on behalf of a minor if he or she is the guardian (father and mother). It has further been clarified that in the case of a minor child, either father or mother can open a PPF account on the child's behalf but not both. While the guardian individual can contribute separately to wards the PPF account of the minor, the total deduction that can be claimed by him under Section 80C is limited up to Rs 1,00,000.
It is important to note that non-resident Indians (NRIs) are not eligible to open a PPF account. However, if the PPF account was opened by such NRI while he was resident in India, then he may continue to subscribe to the PPF account till its maturity on a non repatriation basis.
Limit of subscription: The minimum amount that can be deposited by an individual in his PPF account every year is Rs 500, whereas, the maximum amount that can be deposited in a financial year (FY) is Rs 1,00,000, with effect from April 1 (Rs 70,000 was the earlier limit). The deposits can be made into the PPF account either in a lump sum or in flexible instalments. The amount and the number of instalments can vary, provided the instalments do not exceed 12 in one FY.
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