Every parent wishes that their children should have a happy life, good education and no stress of marriage. If you are also one of those parents, then you can plan the investment at the right time to improve the life of your child. For this, look at those schemes where big money can be earned in the long term by investing less money.
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 it a habit of depositing money every month, then a huge amount can be raised when the child becomes an adult. How to open a child’s PPF account and what documents will be required for this, then let us tell here that the most important thing about 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 this form was named 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. It will also be easier to maintain in the future.
Let us tell you that to open this PPF account, you can give your valid passport, permanent driving license, voter ID, Aadhar, ration card details as proof of address. PAN Card, Aadhar, Voter ID, Passport, Driving License can be given for identity proof. The same, you will have to provide the birth certificate of your minor child, a passport size photograph as well. At the time of opening the account, you will have to pay a check of at least Rs 500 or more.
Now you people must be thinking, what will be the benefit to us, then suppose a minor child is 3 years old and you have started investing by opening a PPF account. 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 the calculation of 15 years. 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. From the point of view of 18 years, this amount is sufficient, which can be used for higher education or other necessary expenses.