One can invest/park Rs.One lac per F.Y. in PPF account. PPF account which is initially for 15 years can be extended twice for 5 years each. Limit of Rs.100000 per F.Y. is increased to rs.150000 w.e.f. F.Y. 2014-15.
One can open only one PPF account and one account each for his/her minor children with limit of Rs.One Lac per account but rebate u/s 88 not to exceed Rs.One lac per F.Y. PPF update is complete. Wait for next update to get best returns on surplus liquid funds.
Advanced Public Provident Fund (PPF) online calculator: http://www.investmentkit.com/government/advanced-ppf-calculator.shtml
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