Nowadays most people have accounts in different banks. Through these accounts, people are investing in schemes like fixed deposits or recurring deposits. If you wish, you can open more than one FD or RD at the same time. But can you do the same with PPF ie Public Provident Fund account? Like FD or RD, PPF is a scheme run by the Government of India. Will have to invest in it for 15 years
In this scheme, you can deposit from 500 to 1.5 lakh rupees annually. The benefit of compound interest is available in PPF. With this, a good amount can be deposited in the long run. For this reason, many people show interest in investing in this scheme. At present, interest is being received on PPF at the rate of 7.1 percent. But now the question comes, can a person open more than one PPF account?
What is rule?
As per the rules, a person can open only one PPF account in his name. Opening of more than one PPF account is not allowed. If you have opened multiple PPF accounts by mistake, you can merge them. For this, the PPF account holder has to request to merge the account. You have to make this request at the bank or post office where you want to keep your PPF account. The merger request has to be submitted along with photocopies of the PPF passbook, statement of account. The date of opening of account maintained will be treated as the actual date of opening of PPF account.
Who can open the account?
Any Indian citizen can open PPF account. Accounts can also be opened in the name of minors Either of the parents can open a PPF account for a minor son or daughter. In case of death of both parents, grandparents can open PPF account as guardians for grandchildren.
