Can you open multiple PPF accounts? Here's the answer
India Today
The Public Provident Fund (PPF) is one of India's most trusted long-term savings options, thanks to its tax benefits, steady returns and government backing. Many investors, however, wonder if it's possible to open more than one PPF account to save more.
The Public Provident Fund (PPF) is one of India’s most trusted long-term savings options. Backed by the Government of India, it is popular for its tax benefits, steady interest and safety. But many investors often wonder, i.e., can you open more than one PPF account to save more?
Here’s a simple explanation of what the rules allow.
PPF is a long-term savings scheme with a 15-year lock-in period. You can invest a minimum of Rs 500 and up to Rs 1.5 lakh in a financial year.
The biggest attraction is that the investment, the interest earned, and the maturity amount are all tax-free. After 15 years, you can withdraw the full amount or extend the account in blocks of five years and continue earning interest.
Because of these benefits, some people think of opening more than one account in their name.
As per the Public Provident Fund Act, 1968, an individual can open only one PPF account in their own name. This rule applies across banks and post offices.
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