Open this account in the name of the child
Open this account in the name of the child All parents want their children to live happily. No need to worry about their education, studies and marriage. In such a situation every parent thinks to invest from the beginning so that they do not have to face any kind of trouble regarding money in future. That is why today we are going to tell about a scheme for such parents, in which a large fund can be created by investing for a long time.
Open this account in the name of the child In this case, Public Provident Fund (PPF) may be the best option for you. If you open your child’s PPF account at the right time, by then he will grow up or build up a large fund. Let’s know about this in detail.
To open this account, go to any authorized bank branch and fill Form 1 there. Earlier this form was called Form A, but now it is known as Form 1. You will get the facility of opening a PPF account at your nearest bank branch.
Documents required for account opening
- PAN Card
- Voter ID
- Driving License
- birth certificate of minor child
- passport size photograph
What would be the benefit?
For example, your child is 3 years old and you open his PPF account and start investing, then when he turns 18, the PPF account will mature. Now suppose you start depositing Rs 10,000 every month in your child’s name. Deposit this amount every month for 15 years. This will earn interest at the rate of 7.10 percent. Accordingly, on maturity of the PPF account, the child will get Rs 3,216,241.