I have 2 PPF accounts, What should I do now ?

POSTED BY jack ON February 19, 2015 4:32 pm COMMENTS (2)

I did’nt knew I have opened two PPF account as I was in impression I had opened post office account . My friend got PPF account in postoffice in 2002 (someone had target to achieve in Post office) which I never used and was in impression it was simple post office account.

Now by chance after opening PPF in bank for saving , I found passbook which says its PPF.

I have already got new one with good savings in it. Can I close old one or leave it as which I intended to do.

Any issue arising from the same?.

Any steps to merge old which has rs100 only which carry benefits though I also know its waste of time.

Please suggest best.

2 replies on this article “I have 2 PPF accounts, What should I do now ?”

  1. One cannot haave more than 1 PPF account.

    PPF account is to be maintained by paying minimum Rs 500 per year. Was you first account being serviced like that? If not it will be dormant and the proceeds of the same will be given after 15 years from opening. In case it is dormant, it is better leave it like that and take the redemption after 15 years.

    If you are particular, talk to one(first or second authority) to transfer the amount and close the account. This may take time.

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