Can You Open Multiple PPF Accounts Like FDs

In today’s financial landscape, many individuals hold accounts in multiple banks for various investment opportunities, like Fixed Deposits (FDs) or Recurring Deposits (RDs).

However, one government-backed scheme, the Public Provident Fund (PPF), stands out for its unique features and potential long-term benefits.

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PPF: A Long-Term Government Scheme

Heading: Understanding the PPF Scheme: An Overview In contrast to FDs or RDs, the Public Provident Fund (PPF) is a government-backed investment scheme that requires a 15-year commitment.

Investors can contribute an annual amount ranging from Rs 500 to Rs 1.5 lakh, with the benefit of compounding interest, making it an attractive choice for many.

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Can You Have More Than One PPF Account?

Heading: Clarifying the PPF Account Rule Unlike other investment schemes, individuals are allowed to hold only one PPF account in their name.

Having multiple PPF accounts is not permitted.

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If someone inadvertently opens more than one PPF account, they can merge the accounts by submitting a request along with relevant account details.

Eligibility and Account Holders

Heading: Eligibility and Account Holders Any Indian citizen, including children, is eligible to open a PPF account.

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For minors, either parent can open the account, and in the absence of both parents, grandparents can act as guardians and open the account on their behalf.

Consequences of Non-Deposit

Heading: Consequences of Failing to Deposit If an individual fails to make the minimum annual deposit, their PPF account will be closed.


To reactivate the account, a penalty of Rs 50 per year must be paid.

Partial Withdrawals from PPF

Heading: Partial Withdrawals from PPF After completing six years, individuals can request partial withdrawals under specific circumstances.


Starting from the 7th financial year, up to 50% of the amount can be withdrawn.


Heading: Making Informed Investment Choices While multiple bank accounts offer various investment avenues, the Public Provident Fund (PPF) remains a distinguished long-term government scheme, offering potential benefits through compounding interest. However, it’s essential to be aware of the PPF account rules and the associated advantages and constraints before making investment decisions.

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