Can You Open More Than One PPF Account Under Same Name? Check Details Here

You can easily activate your PPF online by going to the portal of your preferred bank or post office.

New Delhi: The Public Provident Fund, or PPF, is a popular investment scheme for investors who want to invest for a longer period of time but want to take less risk. In a PPF account, money is deposited every month, and the interest is compounded. The scheme is mandated by the government and therefore comes with guaranteed returns.

Can You Open More Than One PPF Account Under The Same Name?

The answer is no. You can only open one PPF account in your name.

How Do You Open A PPF Account?

You can easily activate your PPF online by going to the portal of your preferred bank or post office. When a public provident fund account is activated, the following documents must be produced:

1. Documents proving a person’s identification, such as Aadhaar, a voter ID, a driver’s licence, etc.
2. PAN Card
3. Proof of home address
4. Form of nominee declaration
5. A passport size photo

PPF Tax Benefits:

Under Section 80C of the Income Tax Act of 1961, the entire PPF investment value may be claimed as a tax exemption. However, it should be remembered that the maximum amount of principal that can be invested in a single fiscal year is Rs. 1.5 lakh.

Additionally, the total interest earned on PPF investments is not subject to tax computation.

Loan Against PPF Account:

As per a report in Grow, you may obtain a loan between the third and fifth years of your PPF account.
A maximum of 25% of amount of the second year that came right before the loan application year may be borrowed.
Before the sixth year, a second loan may be obtained if the initial loan is fully repaid.

What Is The Minimum And Maximum Investment In PPF?

The minimum amount with which you can start investing in PPF is Rs. 500 per annum and the upper limit goes to Rs. 1,50,000 per annum.