New Delhi, April 14 -- The Public Provident Fund (PPF) is an extremely popular long-term savings option for parents looking to build a secure financial future for their children. Still, many families misunderstand the investment limits, especially when both parents wish to contribute to the same schemes.

A widespread myth is that both parents can invest Rs.1.5 lakh each in their child's PPF account. This way, the total can be raised up to Rs.3 lakh. This is an incorrect belief.

This is because, under the PPF rules, the maximum permitted contribution is Rs.1.5 lakh per financial year, per individual. This particular limit includes deposits made to:

Furthermore, a minor's PPF account cannot receive more than Rs.1.5 lakh in total contribu...