The answer to your question,
can I open 2 PPF account in different banks is
No. You cannot open two Public Provident Fund (PPF) accounts in different banks or with the same bank in India. As per the PPF scheme rules set by the Government of India, an individual is allowed to hold only one PPF account in their name.
Can I Open PPF Account in Multiple Banks?
The Public Provident Fund scheme is governed by the Ministry of Finance, and its regulations explicitly prohibit the opening of more than one PPF account per individual.
This is to prevent people from exceeding the maximum yearly contribution limit of Rs. 1.5 lakh, which is also the maximum amount eligible for tax deduction under Section 80C of the Income Tax Act.
In case you have mistakenly opened two PPF accounts in different banks or post offices, you will need to notify the banks immediately. The accounts will be merged into one, and the contributions from both accounts will be consolidated.
The second account may also be closed, and the deposited amount transferred to the remaining valid account. If more than one account is found, the government could penalise you by merging or closing accounts, and interest on contributions may not be provided for the second account.
I hope this answers your query, can we open PPF account in two different banks
.
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Authors Of The Question
Can I Open 2 PPF Account in Different Banks?
pragati
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54 days
2024-10-04T15:42:09+00:00 2024-10-04T15:42:09+00:00Comment
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