Nowadays most of the people have accounts in different banks. Through these accounts, people invest in schemes like fixed deposits or recurring deposits.
Nowadays most of the people have accounts in different banks. Through these accounts, people in schemes like Fixed Deposit or Recurring Deposit investment are doing If you want, you can start more than one FD or RD at the same time. But PPF That is, can you do the same with the Public Provident Fund account? Like FD or RD, PPF It is a scheme, which is run by the Government of India. In this for 15 years investment have to do
In this scheme you can deposit 500 to 1.5 lakh rupees annually. The benefit of compound interest is available in PPF. This can accumulate a good amount in the long run. For this reason many people show interest to invest in this scheme. Currently, PPF is getting interest at the rate of 7.1 percent. But now comes the question, can a person open more than one PPF account?
What is the rule?
As per 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 accidentally opened more than one PPF account, 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. Merger request, PPF passbook, along with photocopy of account details have to be submitted. The date of opening of the retained account shall be treated as the actual date of opening of the PPF account.
Who can open an account?
Any Indian citizen can open a PPF account. Accounts can be opened in the name of children. Either parent 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 of grandchildren.
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