Can someone have PPF account both in ICICI and PSU bank ?

POSTED BY sorabh ON July 6, 2012 10:45 am COMMENTS (7)

Hi,
Today I got mail from ICICI offering opening of PPF account. I already have PPF account in SBI. I was wondering whether it is allowed to have 2 PPF accounts on same PAN number in different banks ?

7 replies on this article “Can someone have PPF account both in ICICI and PSU bank ?”

  1. Anand Rai says:

    I saw new message in my ICICI account that is offering on-line PPF account. Should I open this account? is it same as SBI/post office PPF account?

    1. Dear Anand, if you already hold a PPF account in SBI or Post Office, you can’t open another account in ICICI. You can transfer your existing PPF account to ICICI.

      If you are starting afresh, yes you may open the account in ICICI.

      Thanks

      Ashal

  2. BanyanFA says:

    @ TheZionView – I read through the entire list of guidelines & regulations but couldn’t put my hand upon a line which prohibits it. Do you have a reference which we can rely upon ?

    1. Ramprakash says:

      Only one PPF account is permissible per individual in any one of the authorised banks/Post offices in India.

      http://www.bankofbaroda.com/pfs/govtbonds.asp
      http://www.charteredclub.com/ppf-account-in-sbi/

    2. Dear BanyanFA, I do have an old rule book of PPF (in PDF), where it’s clearly mentioned that only one account is permitted per name.

      Thanks

      Ashal

  3. TheZionView says:

    Sorabh

    No you CANNOT have more than one PPF account under one person. If you want to use ICICI you need to transfer your PPF from SBI to ICICI to service from them.

  4. Advait says:

    I guess Yea. But you should inform ICICI about having an another PPF a/c with SBI. How many do you have doesn’t matter as your PPF savings should not be more than 1 L in a FY.

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