Can one individual have multiple PPF accounts?

Q & A Forum › Category: Provident Fund (EPF & PPF) › Can one individual have multiple PPF accounts?

kkrao1987 asked 8 years ago

Hi, i am holding one PFF account with SBI, whether i can open another PPF account in any another bank e.g. ICICI? or what about EPF? can i invest here separately? Thank you.

1 Answers

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Sreekanth Staff answered 8 years ago

Hi, A person cannot have more than one PPF account and the maximum amount that can be invested in a PPF account is Rs. 1.5 Lakh (as per current law). However, a family can have multiple PPF accounts: one for the father, one for the wife, one for each child, and so on. If a person found having two PPF account, the later opening account will be closed automatically and the account holder will neither get tax deduction from second account nor any interest amount. You may kindly go through below articles ;

Provident Funds – Types & Tax Implications
Tax Saving investment options u/s 80c : In whose name can they be invested?