PPF Account Can be opened once in Lifetime? Is it True

POSTED BY Samir ON April 5, 2013 8:39 am COMMENTS (3)

Experts,

We were planning to open PPF account for our 5 years old Kid, but we have been told that

1) PPF account can be opened only once in a persons life.

2) and it can be extended for 5 years only once.

I know that there can only be one PPF account for an individual at any given point of time, But can a person closed a account and open again at later date?

Appreciate your clarification

 

Regards

Samir

3 replies on this article “PPF Account Can be opened once in Lifetime? Is it True”

  1. Samir says:

    Dear FFC and Ashal,
    Thanks for quick and definitive response. this solves my dillema and confusion.
    Surprisingly this wrong info was given to me by a SBI guy!!

    Warm Regards
    Samir

  2. Dear Samir, both the info are wrong. At any given point of time, one may have only one PPF account. Yes after closure of old account, one may open a new PPF acct. Regarding the extension, yes, one may go for nth time. so 5Y block can be used multiple time.

    thanks

    Ashal

  3. If you are worried if your son will not able to open a PPF account in his own name, don’t worry. He can either convert the minor account into a major one or you could close the account and then he could open one on his own.

    The rules only says one person should not have two active accounts at any time.

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