Can you have more than one PPF account? Here’s what the rules say

PPF

The Public Provident Fund (PPF) is one of India’s most trusted long-term savings instruments, offering tax-free returns and safety backed by the Government of India. But a common question many savers ask is: how many PPF accounts can one person legally hold?

The answer is clear: only one PPF account per individual is allowed, as per the Public Provident Fund Act, 1968. This rule applies even if the individual tries to open accounts at different banks or post offices. If more than one account is found in the name of the same individual, the additional account(s) must be closed, and only the principal amount (not the interest) is returned.

What about PPF accounts for minors?

While an individual cannot hold more than one PPF account in their own name, they can open separate PPF accounts on behalf of their minor children. However, the combined contribution to their own PPF account and their minor child’s account cannot exceed the annual limit of ₹1.5 lakh in a financial year.

For example, if you contribute ₹1 lakh to your own PPF account, you can contribute only up to ₹50,000 in your child’s PPF account that year.

Can NRIs hold PPF accounts?

Non-Resident Indians (NRIs) are not allowed to open new PPF accounts. However, if a person opened a PPF account when they were a resident and later became an NRI, they are allowed to continue contributing until maturity (15 years), but cannot extend it beyond that period.

Closing or correcting multiple PPF accounts

In cases where multiple PPF accounts are found, the Department of Posts or concerned bank must be notified. The additional account is usually closed, and the interest earned may not be paid. It’s important to always maintain only one active PPF account to avoid complications.

You can only have one PPF account in your name at any given time. However, you can open accounts for your children, keeping in mind the overall contribution cap. For those planning their long-term tax-saving strategy, PPF remains a solid option—as long as you stick to the rules.