Suppose the age of the child is 3 years and you have opened a PPF account in his name. The maturity of this account will be of 15 years. If you deposit Rs 10,000 in the account every month, then when the child is 18 years old, then 32 lakh 16 thousand rupees will be added easily.
May the life of the child be happy, education and writing should be good and there should be no tension of marriage and marriage, this is the wish of every parent. If you are also one of those parents, then you can make investment planning at the right time to improve the life of the child. For this, look at those schemes where by investing less money, a large amount can be made in the long term.
Public Provident Fund ( PPF ) can help you in this work . You have to open a PPF account for your minor child at the right time and deposit a certain amount. If you make a habit of depositing money every month, then a huge amount can be raised once the child becomes an adult.
First of all, let us know how to open a child’s PPF account and what documents will be required for this. The most important thing with PPF is that there is no age restriction in it. When you want you can open its account and start investing. For this you go to any authorized bank branch and fill Form 1 there. Earlier the name of this form was Form A, but now it is known as Form 1. If there is any branch near the house, then you will have the facility to open a PPF account there. It will also be easier to maintain it in future.
How to open PPF account
To open an account, you can give your valid passport, permanent driving license, voter ID, Aadhaar, ration card details as address proof. For identity proof, PAN card, Aadhar, Voter ID, Passport, Driving License can be given. You will have to give the birth certificate of your minor child, a passport size photograph will also have to be given. At the time of opening the account, you will have to pay a check of at least Rs 500 or more. Once all these paperwork is completed, a PPF passbook will be issued in the name of your child.
You will get 32 lakhs like this
Now let us know how to get Rs 32 lakh from PPF account in the name of the child. Suppose your minor child is 3 years old and you have opened a PPF account and started investing. The PPF account will mature when the child attains the age of 18 years. Later, if you want, you can increase it, but now we take 15 years’ calculation. You started depositing Rs 10,000 every month in the child’s PPF account.
You have to deposit this amount every month for 15 years. Now if the return is added at the rate of 7.10 percent, then on maturity of the PPF account, the child will get Rs 3,216,241. This amount will be available when the child attains the age of 18 years. In terms of 18 years, this amount is sufficient, which can be used for higher education or other necessary expenses.
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