How many PPF accounts can be opened by a single person?

POSTED BY rcosmic ON March 4, 2011 8:44 pm COMMENTS (60)

As per law, there can be only one PPF account in the name of a person.Somewhere in the forum i read “one can open 2-3 PPF accounts in span of 2-3 years for liquidity”.

How this can be managed in case of family? If my family includes (Me, Wife , minor child), i suppose i can open 3 accounts (in their respective names ofcourse). Can my wife open a PPF account in the name of her daughter (for whom i have already a existing PPF)?

60 replies on this article “How many PPF accounts can be opened by a single person?”

  1. shalini says:

    I have two ppf accounts.One was open by my father twenty six years ago while other was open eighteen years ago.. I am not able to surrender any one of them due to time period.. What should I do now. I want to surrender but not able to do so. I am worried.

    1. Why are you not able to do so ? Whats the issue. As both of them are now more than 15 yrs old. You should be easily able to close them !

  2. MANOJ says:

    Hi, I have by mistake opened 2PPF accounts in span of 2 years.
    If I do not deposit any amount in 2nd PPF , at the most I will not get any interest on maturity, and few penalty amount will be charged say 1% and Rs50+500pa.

    Please let me know if there are any other Penalty which can be imposed like attachment of full amount of PPF and any other Fixed Deposit depoisted in Savings A/c-in the bank where PPF account is opened.

    1. You will not get interest on your second PPF . Better surrender one of them

  3. AC says:

    Can i open 1 PPF account in my wife’s name who is also the nominee of my own PPF account? Is this possible

  4. Yuvaraj Patil says:

    Hello Manish,
    I opened PPF account with SBI in my name and my daughters name each on same day last year. So the column in form for declaration of other accounts is blank. As I read from your rules, I need to declare my other accounts otherwise I may not get interest at the maturity. Please guide me if there is any option or form to declare same

    1. Yes, if you have other PPF accounts, you should have declared that else you will be in trouble later

  5. Chirag Biala says:

    Can nominee become the actual ppf account holder ?

    1. NO , they cant .

      They will get the PPF money after the demise of the account holder !

  6. abhishek says:

    Hello sir I have one ppf account in axis bank but due to some problem in deposit I opened one more ppf account in sbi because of lack of information. In a new sbi account I didn’t deposit that account have zero balance now what I can do please suggest me. How can I close sbi ppf account..

    1. Go there and ask them to close it !

  7. SANJAY SAXENA says:

    Dear Manish,
    I have been maintaining one PPF account in SBI since 2014. Recently, I am blessed with one baby in Dec 2016 and want to open another PPF account in his name in ICICI Bank. Can I do that ? Also , is this allowed without violation of any Govt Rule. Kindly update.
    Regards.

    1. No , there is no violation, but you need to open the account in the name of the kid and put your name in guardian.. However the total tax benefit will be limited to only 1.5 lacs as per PPF rules !

  8. MD says:

    I already have two PPF accounts, one in the Post Office and the other in a Bank. Will there be any problems during maturity ?

    1. Yes, if they come to know about it, then you will not get any interest.

      1. Biswajit Tah says:

        In this case how I can close one ppf account that have low amount.Please suggest me.

        1. You cant close it . You can only do partial withdrawal or wait for 15 yrs !

  9. RG says:

    I have joint saving account (me & my wife) in sbi and i have a ppf account in my name.
    now i want to open another ppf account in my wife’s name. can i open it.

  10. Narinder Kaur says:

    My daughter have 2 ppf account one in post office another in SBI what should she do close bank ppf account is it possible or joint ppf account with me I have no ppf account

    1. One cant have 2 PPF . Only one allowed per person !

  11. Arvind says:

    Dear Sir,

    Good Morning !!

    I have a query regarding my deceased father’s PPF account. My father was having PPF account in which previously my mother was nominee. This account was opened sometime in year 1999. In the year 2006 he made my wife as nominee. Due to illness my father expired in 2011. When I approached the bank, I was told that in the computer system still my mother’s name exists, Though in hard copy I showed my wife’s nomination receipt of bank, but Bank was insisting that money may be credited in my mother’s name only not in my wife’s name.

    In my family my sister is playing negative role. If the money is credited in my mother’s name, ny sister wont give any thing to me. My mother is living with my sister so I am presently having tense relations with mother as well.

    Is there any way by which my wife could get my father’s PPF account money on the basis of the nomination receipt I am having in my wife’s name. Already 5 years have lapsed. Please suggest what could be done.

    Regards

    1. Jagoinvestor Admin says:

      Hi Arvind

      This is very specific query which you should follow up with the concerned authority only. We wont be able to comment on that

      Manish

  12. Bhabanasenapati says:

    Same name same date two other pf account holder what to do?

    1. Hi Bhabanasenapati

      I am not clear on what is your question. Please repeat it with more clarity

      Manish

  13. Sumeet says:

    Hello,

    I want to change my PPF account from SBI bank to other bank.
    Is it possible to transfer PPF account?

    Thanks in advance,

    Regards,
    Sumeet

    1. Yes, it can be transferred .. Check with the target bank on that

  14. Raj says:

    Hi, I have already one PPF account in Post Office since 2002-03.

    In month of March-2016, I have applied for a new PPF account in SBI, and on my request, by making remarks that I have already one PPF account, they have also opened a new account in my name. Now, i came to know that only one account can be hold in one name. What can be done / what are the steps can be taken for regularized the same?

    1. Better close it asap

  15. Abhijeet says:

    Can I open 2 ppf account but in different palace i.e. in post also in bank

  16. Manish says:

    How many times PPF account can be opened by a person in his life?
    If I open PPF account at the age of 20 which is matured at the age of 35. Now at the age of 40 I am again thinking to open a PPF account. Is it allowed?

    1. Yes, a person can open PPF any number of times. The only restriction is that at any one point of time, there has to be just one PPF

      1. Harinder says:

        What about in different banks ? can we have in same time?

        1. Its maintained by Post offices, Banks are just a place to open an account.

  17. arvind says:

    I opened 1 PPF acount long time back…with 500 rupees..
    but completely lost track of it…and there was no investment done within this account ..no money deposited..nothing

    later on..i have opened another PPF account..
    which i maintain..as any person regularly maintains an PPF account..doing deposit per year ..

    I dont want to have the first PPF account ..the money if gone is also okk with me..it might be somethign like 700/- in all total may be within 5 years..and also it might have become dormant due to non deposit of any money..

    Is this okk..

  18. vinods says:

    Hi Sir,

    I want to open a ppf account one for self & another for my wife. Here my question is Sir, Can i invest 1.5 lakh in each account mean one 1.5 lakh in my account & another 1.5 lakh in my wife account from my income. I want to invest around 3 lakh per year for better return.
    Regards
    Vinod Sharma

  19. amar ante says:

    May I open PPF account on wife’s name (who is housewife) and deposit into same 1.5 p.a. from my source of income?

    1. You can surely do that, but note that total amount in your PPF + Wife cant exceed 1.5 lacs

  20. Pratik says:

    Hi S Kotrappa, in a PPF account any sum of money between Rs: 500/- and Rs: 1,00,000/- can be invested over a period of 15 years. So if any one wishes to invest Rs:15000, then he does it on a per year basis. So the total amount of money thus invested is 15000 * 15 = 225000/-. Interest calculated on this sum added with the principle amount invested is the return after 15years.

    Hi AB, In order to know what amount of money you can get back at the end of 15 years, just multiply the per year invested amount with 30.9. This will roughly, if not accurately give your return. For eg: If you invest Rs: 15000/- per year, then the amount of money you get back at the end of 15 years is: 15000*30.9 = 463500/-.

    1. Ramesh says:

      You need to mention the actual rate of return which will give you the multiplying factor of 30.9, since over 15 years, the PPF return will not remain static.

  21. Put rate as 8.5% and not 8.5

    =FV(8.5%,15,-15000,0,1) = 459,480.18

    Put cash outflows as negative so the FV turns positive

    out of hand = negative
    getting in hand = positive

    1. S Kotrappa says:

      Can you please elaborate, formula is o.k, but practical how 15000 becomes 4,56,480.18 which bank is paying.What is this formula based on simple or compound interest.

  22. AB says:

    Hi Ashal

    I am using these values in FV formula

    15k for 15 yrs with 8.5 %

    Rate : 8.5
    Nper : 15
    Pmt : 15000
    Pv
    Type

    Is it correct as I am getting the output as Rs. -8,17,57,27,59,10,54,45,000.00.

    Pls suggest.

    1. Dear AB, please read & use the reply of dear justgrowmymoney to calculate the FV.

      Thanks

      Ashal

  23. AB says:

    Is there any formula to calculate the amount that I shall get after 15 years if I keep interest rate constant ?

    1. Dear AB, please use FV formula in exl. sheet to know the value of your investments after 15Y for a constant interest rate & a constant investment amount.

      Thanks

      Ashal

  24. AB says:

    Hi

    I have a PPF account which will complete 15 yrs in 2025. Can i open another PPF account after 2025 ?

    1. Dear AB, you have the option to extend the existing PPF account for a block of 5Y so why do you want to open another account?

      Thanks

      Ashal

  25. Dear Venkatesh, Yes your wife may open PPF account for her son as she being the guardian for that account. Max limit remain same 1L Rs.

    Thanks

    ashal

    1. Pradeep says:

      1 person, 1 account, got it.
      Is it like 1 account, the max limit is 1 L?
      Or, one family, the max limit is 1 L?
      It is repeat question, but would be great to get clarified specifically.

      1. Dear Pradeep, the combined limit for an adult’s & his/her guardianship PPF account is 1L Rs. For a family of 4, husband, wife & 2 minor kids, the limit ‘ll be decide on the basis of guardianship in the 2 kids’ account. For example out of 2 kids, husband is guardian for on kid & wife for another.

        In this case, Husband + Kid 1 = 1L Rs.
        Wife + Kid 2 = 1L Rs.

        Interestingly, husband may add more money in wife’s account even after reaching the limit of 1L Rs. for himself + kid 1 & similarly wife may add more money in husband’s account.

        thanks

        Ashal

        1. Pradeep says:

          Thank you.

  26. ashal jauhari says:

    Dear rcosmic, From your query, it seems your family size is 3 members. You, Your wife & your d’ter.

    There can be only 3 PPF accounts. 1 account for each member of the family. As your d’ter already has an account under your guardianship, your wife can’t open another account for d’ter.

    Although total money in the d’ter’s account can be invested by both of you from own sources to claim tax benefit.

    Thanks

    Ashal

    1. Venkatesh says:

      Ashal, Can I seek for a clarification here? Can I have a PPF account opened in my Son’s name (minor), with my wife as guardian? My wife has a PPF account in her name. In this case, what is the max limit we can put in our Son’s account? Is it 1 lac in each account or 1 lac combined together.

  27. rcosmic says:

    Ok, thanks manish. May be i was not clear. I repeat again …

    Can my wife open a PPF account in the name of her daughter (for same child i have already a existing PPF)?

    1. Ajay says:

      1 person – 1 account

  28. You can open one for yourself and one for your child with you being guardian , but overall limit of investments will be 70k only

    Manish

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