Post Office Scheme: Can I open more than one PPF account? Know the rules related to the scheme which people do not know
If you want to invest in PPF, then you can open an account in a post office or bank. But before investing in PPF, you must know the rules related to it, which many people do not know about.
The Public Provident Fund is a popular scheme. Many people invest in this scheme to save income tax and add a big fund in the long run. Currently, this account gives 7.1 percent interest. If you want to invest in PPF, then you can open an account in a post office or bank. But before investing in PPF, you must know the rules related to it, which many people do not know about.
Cannot open more than one account
Like many schemes, you do not get the facility to open more than one account in PPF. If by mistake 2 PPF accounts have been opened for you, then the second account will not be considered a valid account. Till the time both the accounts are merged, interest will not be available on it.
No option of the joint account
In all other schemes, you get the facility to open a joint account, but this facility is not available in PPF. However, you can make multiple nominees in it and can also decide on their different shares. If the account holder dies due to any reason, then the nominee has the right to withdraw that amount.
Possibility of change in interest rate
Talking about the interest rate of PPF, its interest rate also gets affected with time. From April 2019 to June 2019, its interest rate was 8 percent, after which it was reduced to 7.9 percent, and then in January-March, 2020 it was reduced to 7.1 percent. Since then, this interest rate has remained at 7.1 percent. If this interest rate decreases further in the coming time, then people will have many options that give better returns.
Maximum limit of investment
The maximum limit of investment in PPF is Rs 1.5 lakh per annum. If your salary is very good and you want to invest more in this scheme, then you cannot do so. In such a situation, you have to look for other investment options.
Follow our Whatsapp Channel for latest update
