Can One person open PPF Accounts with different Banks ?

POSTED BY rahul15khare ON May 21, 2014 10:35 pm COMMENTS (2)

Hi All,

I have a couple of queries:

1. Can I open one PPF account each with 3-4 different banks (say SBI, ICICI, PNB etc)?

2. Opening a PPF account with private bank is same as that with banks like SBI? (in terms of rate of interest and stability ?

FYI: I read in forums that we can have only one PPF account but it is not mentioned if we can use multiple banks with one PPF a/c each

Thanks in advance,

Rahul

 

 

2 replies on this article “Can One person open PPF Accounts with different Banks ?”

  1. rahul15khare says:

    Thanks again Hemanth.

    Found a link as well where it says:
    If at any time it is seen that you have more than 1 account in your own name, the second account will be deactivated, and only your principal will be returned to you.

    So obviously we should avoid it.

    Link is: http://www.personalfn.com/knowledge-center/financial-planning/tutorials/13-02-19/7_things_you_should_know_about_ppf.aspx?utm_source=ppfcalc&utm_medium=website

  2. Hemanth Chandra says:

    1. You should have only one PPF account from all the banks.
    Also, if you have read the form that you fill for opening a PPF account, there you have to declare that there is no PPF account with your name. 🙂

    2. Opening a PPF account in PSB or private bank is same in terms of interest rate and stability

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