PPF Rule says, investors can’t open and operate two PPF Accounts in Different banks or post offices on same PAN – PPF rules and regulations do not permit any investor to open and operate more than one account under Public Provident Fund on same PAN. Public Provident Fund (PPF) is the investment option with Interest rate regulated by the Government. This is treated as the safest mode of investment. The PPF account can be opened at any of the Schedule II banks or Post offices.
What if I have Two PPF Accounts in different bank ?
Key Highlights :
- In case You open a second PPF account, the second account is treated as invalid.
- You need to close the second PPF account or
- You may ask to merge the second account with the first account provided you are able to prove that the second account opened was not deliberate.
How to Close the second PPF account ?
In order to close the second PPF account,
- Investor need to file an application with the Department of Economic Affairs of the ministry of finance.
- If the second account has interest credited, that will get adjusted and
- if the total contribution during the year crosses the limit of ₹1.5 lakh in both the accounts collectively, the excess amount will be refunded without interest.