Reasons Behind General Rule
1. Promoting Long-Term Savings: PPF accounts aim to encourage long-term financial planning and disciplined saving habits. Allowing multiple accounts could defeat this purpose and potentially lead to misuse.
2. Preventing Misuse: Duplicate accounts could be used for unauthorized activities or tax evasion. The government tracks PPF contributions through PAN cards, making it easier to identify such irregularities.
3. Ensuring Fairness: Limiting accounts to one per person ensures a level playing field for all investors and prevents anyone from gaining undue advantage through multiple accounts.
Can I have 2 PPF Accounts?
No, You Cannot Have 2 PPF Accounts in Your Name. The Public Provident Fund (PPF) is a popular investment scheme in India, known for its attractive interest rates and tax benefits. But can you leverage these benefits by opening multiple PPF accounts? Let’s delve into the regulations and explore any exceptions.