The way the inflation is increasing, in the same way the worries of the parents are increasing. From the good future of the children to their education, there is tension of marriage and marriage.
If you do not want to go through this stress then you can make investment plans. For this, you can invest in those schemes where good profits can be earned in the long term with less money. Let us know the complete information about it.
Public Provident Fund ie PPF can help you in this. 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 when the child grows up.
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. You can open its account and start investing whenever you want. 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 a branch near the house, then you will have the facility to open a PPF account there. Also, it will be easy to maintain it in future.
How to open PPF account
To open the account, you can give your valid passport, permanent driving license, voter ID, Aadhar, ration card details as proof of address. For identity proof, PAN card, Aadhar, Voter ID, Passport, Driving License can be given. You have to give birth certificate of your minor child. You will also have to provide a passport size photograph. At the time of opening the account, you will have to give 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
Let us now know how to get 32 lakh rupees from the PPF account in the name of the child. Suppose your minor child is 3 years old and you have started investing by opening a PPF account. Your PPF account will mature by the time your child turns 18. Later you can increase it if you want, 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 at the rate of 7.10 per cent is added, then on the maturity of the PPF account, the child will get Rs 3,216,241. This amount will be available when the child turns 18. This amount is sufficient from the point of view of 18 years, which can be used for higher education or other necessary expenses.
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