The lock-in period in PPF scheme is 15 years. In such a situation, suppose you deposit Rs 1 lakh in your PPF account every year, then your total deposit in 15 years will be Rs 15 lakh. If 7.1 percent interest is earned on this annually, then the total interest amount will be Rs 12 lakh 12 thousand 139. That means you will get total Rs 15,00000 +1212139= Rs 27 lakh 12 thousand 139. After knowing about these many benefits of PPF, this thought may come in the mind that can a person open more than one Public Provident Fund account?

Can more than one PPF account be opened?

According to the rules of the Government of India, whether it is a bank or a post office, you should have only one PPF account in your name all over India. According to Public Provident Fund Scheme 2019, any person can open a PPF account by filling Form-1. However, only one PPF account can be opened in the name of an individual. There is no rule for opening more than one personal PPF account under this scheme. Apart from this, joint PPF account is also not allowed. All these rules are given on the official website of National Savings Institute under the Finance Ministry.

PPF account is linked to PAN, hence existence of more than one account can be easily detected during verification. If multiple accounts are found, the extra account may be considered invalid. The amount deposited in such an account will be returned without interest and only one account will be allowed to be operated.

PPF account in the name of minor

According to the rules, parents or legal guardians of children are allowed to open a PPF account in the name of a minor child or a mentally challenged person. However, only one PPF account can be opened in the name of a child.

According to the rules of the scheme, a minimum of Rs 500 and a maximum of Rs 1.5 lakh will have to be deposited every financial year. Overall a limit of Rs 1.5 lakh is applicable. The objective of the PPF scheme is to promote long-term disciplined savings, hence investment limits have been fixed in it. If an investor wants to save more than the PPF limit, then he will have to look for another option.

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Every parent dreams that their child grows up and get a safe future. Whether it is studying or marriage, if the parents give a good fund to the children at that time, then they have no help. This is the reason that bank accounts and investing in the name of young children have become very popular nowadays.

PPF account may open in the name of children

Public Provident Fund is an account that any Indian can open in the name of his or his minor child. This is a completely government scheme and investing in it is very safe.

• Maturity period- 15 years ahead, which can be extended 5-5 years to continue from a total of 25 years.
• input range- In PPF account, you can deposit a minimum of 500 and a maximum of one and a half lakh rupees annually.
• Interest Rate- Currently, it has an interest rate with 7.1% annual quarter compounding.

If you open a PPF account at the time of birth of a child or in early years and deposit a maximum of 1.5 rupees every year, then in 25 years this amount can increase to about 1 crore rupees.
The child can use this fund himself at the age of 18 years. Whether it is high education, starting business or marriage. A big capital becomes for him.

Parents should know this rule

• A parent can open a PPF account in the name of the same child.
• If there are two children, then one can open the account of one mother and the father of the other.
• A maximum of one and a half lakh rupees can be invested annually, including the account of both the parents and the minor.
• As soon as the child is 18 years old, the status of the account will become major from the minor and the child will be able to manage it himself.

Option of bank FD and RD also

Not only PPF, parents can also open bank fixed deposits and recovery deposits in the name of their minor children. In this, a self -operated account can also be opened in the name of children above 10 years. Apart from this, only the guardian or parents operate the children of children under 10 years of age. A strong fund can be prepared for children by making regular savings through FD and RD. According to the rules of banks, the child’s Aadhaar card, birth certificate, KYC documents and photos of the guardian are required.

Tax free and safe investment

PPF account gets the benefit of EEE category i.e. deposits, interest and withdrawal are exempted from tax on all three. At the same time, interest on FD and RD is taxable. But it is considered a safe investment. Which means that with a little intelligent planning and proper investment in the name of children, parents can prepare crores of funds in 15 to 25 years. In such a situation, when the children grow up, they will already have financial strength in big decisions like studies, jobs or marriage.

Also read: PPF account, children’s investment, bank FD, RD account, safe funds, tax free scheme, parents, interest rate, government scheme, financial planning

Ppf account: There has been a lot of relief news for Public Provident Fund (PPF) account holders. The government has made the service free of updating or modifying nominee details to PPF Account. This will make it very easy for those who make small savings. Finance Minister Nirmala Sitharaman announced this on Thursday.

According to the Finance Minister, I have recently received the news of fees from financial institutions to update or modify the nominee details in PPF account. He said that necessary changes have been made in the Government Savings Promotion General Rules 2018 through the Gazette notification of April 2, 2025 to remove any fee related to updating the details of persons enrolled in PPF accounts.

Recently was informed that a fee was being Levied by Financial Institutions for Updating/Modifying Nominee Details in PPF Accounts.

Necessary changes are now made in the government saving promotion general rules 2018 via gazette notification 02/4/25 to remove Any Charges on… pic.twitter.com/hi33sbln4e

– Nirmala Sitharaman (@NSITHARAMAN) April 3, 2025

Now four people will be able to make nominee

In the Gazette notification, a fee of Rs 50 has been abolished for canceling or changing enrollment for small savings schemes run by the government. He said, the recently passed Banking Amendment Bill 2025 is allowed to make maximum four people nominees for payment of money, goods kept in safe custody and safety locker.

Let us know that in the Lok Sabha on Tuesday, the bank account holder has been allowed to make four people in his account in the Banking Law (Amendment), Bill, 2024. Due to this, deposits will have an option to make 4 people a nominee at all times or one after another. Along with this, customers taking lockers in the bank will have only the option of gradual enrollment so that the money deposited in the absence of the nominee can be transferred correctly.

Family interest will be protected

According to the earlier rules, if a person wanted to make his two children and his elderly mother a nominee of her PPF account and safety locker, then she also had to pay fees to update the nominee details and the number of nominees was also limited. With this, along with the long legal dispute, the right beneficiaries also missed many times unknowingly. With the recent changes, now three people will be able to make three people without any charge. This will not only protect the interests of the family, but will also make the process of property planning easier.

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