New Delhi, Nov. 8 -- Parents can secure their child's future and help them get a leg up financially. Here, a government-backed savings scheme, such as the public provident fund, is a safe, long-term bet. Offering 7.1% interest rate this quarter, PPF can help with your child's big expenses - be it for healthcare, marriage, education or other aspirations.

Everyone is allowed one PPF account, which can be opened with a bank or the post office. For children and minor applicants, a parent or guardian can open a joint PPF account, which must be converted upon the account holder's 18th birthday. Here's how to open an account for a minor:

Investors sometimes misunderstand the tax-free investment limits when depositing amounts into their child's...