Can I Open Another PPF Account After 15 Years?

Can I open second PPF account?

As per PPF rules, one individual can not open more than one PPF account in his/her name.

If you open a second PPF account in your name then the second account is treated as invalid as it is not allowed as per the rules.

Also, you can not close the second PPF account because of its 15-year lock-in feature..

Which PPF is best?

List of Banks Offering PPF AccountsAllahabad Bank.Corporation Bank.Bank of Baroda.HDFC Bank.ICICI Bank.Axis Bank.Kotak Mahindra Bank.State Bank of India and its subsidiaries which include the following –

Which is best SIP or PPF?

The interest rate is decided by the government. SIP investment in mutual funds are ideal for all, short term, medium term and long term goals. They are ideal for wealth creation and fulfilment of goals. A PPF is ideally suitable for only long term investments of 15 years or more.

Can I change my PPF amount?

1. Change in PPF Contribution Rule. While the minimum and maximum amount to be deposited into the PPF account remains unchanged, the minimum amount required to open a PPF account has been changed. Also, the number of times an amount can be deposited into the PPF account has also been altered.

How many times can PPF be extended?

However, financial planners recommend that you continue renewing your PPF account in blocks of five years for the magic of compounding to continue. There is no limit on the number of times you can extend.

Can I open more than one PPF account in different banks?

“PPF rules are very clear that one can’t open more than one account if someone still opens a second account, he or she will not be eligible for any interest on invested amount,” said Rajan Pathak, Mumbai-based independent financial advisor. “The second account will have to be closed down.

Can I open PPF account for 10 years?

The PPF scheme can be opened at various nationalised banks and post offices and comes with a tenure of 15 years. The maximum amount of money that can be deposited in the account is Rs.

Can husband and wife both have PPF account?

First of all, both husband and wife may open PPF accounts in their name only if both of them have their own sources of income. So, a working husband cannot open a PPF account in the name of his wife.

Can I transfer my PPF account to another bank?

You can invest in PPF through banks and the post office. … Both bank and post office PPF account holders can transfer their accounts from one bank to another, or from one post office branch to another or bank.