The Public Provident Fund (PPF) is one of India’s most popular long-term savings options, backed by the government.
Many investors wonder if opening more than one PPF account can help them save more tax.
The answer is simple: you can have only one PPF account in your own name.
Opening multiple accounts across different banks or post offices is not allowed.
If the authorities find more than one account under the same name, the extra account may be closed, and interest earned on it is usually not paid.
Investing for Family Members
While you can’t have multiple accounts for yourself, the rules do allow parents or guardians to open PPF accounts for minor children.
This is a way to save and invest for your children’s future.
However, there’s a limit to keep in mind.
The total annual contribution across your own account and any minor’s account cannot exceed Rs 1.5 lakh in a financial year.
This is the maximum limit under Section 80C for tax-saving purposes.
Why PPF Remains Popular
PPF is a long-term investment with a 15-year maturity period, offering tax-free interest and government-backed returns.
Investors can deposit anywhere from Rs 500 up to Rs 1.5 lakh annually.
Its combination of safety, tax benefits, and decent returns makes it a favorite choice for retirement and long-term financial planning.
In short, while multiple PPF accounts for one person are not allowed, you can still maximize your investments by opening accounts for eligible family members while staying within government limits.
