What if you have Two PPF Accounts Unintentionally?
If you unknowingly hold two PPF accounts, here’s what you should do,
- Inform the Authorities: Contact the branch where you hold the extra account and explain the situation. They will guide you through the merger or closure process.
- Merging Accounts (if applicable): If both accounts are with the same bank or post office, you might be able to merge them into a single account, subject to certain conditions.
- Account Closure: If merging isn’t possible, the extra account will likely be closed without earning any interest.
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.