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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Mahila samman savings certificate: The government is running a variety of schemes to make women financially empowered. One of these is the Women’s Honor Savings Certificate Scheme. The investment deadline in this scheme of the post office is till March 31, 2025. Now the post office has started a partial withdrawal facility from this scheme.

You can withdraw so much money from the account

The account holders will be able to withdraw money for 40 percent of the amount deposited in it after one year of opening an account under the Women’s Honor Savings Certificate Scheme. The scheme started on 1 April 2023 for two years. For example, the investment made in this account from April 30, 2023 is available for partial withdrawal from May 1, 2024. With this, you also have some money deposited as an investment and if you need, you can also complete your work by withdrawing some money.

One time scheme applicable for two years

Women’s Honor Savings Certificate is a one -time scheme implemented for two years. The government has not extended the investment deadline in it till now. You can invest a minimum of Rs 1,000 to a maximum of Rs 2 lakh. In this scheme, 7.5 percent fixed interest rate is given annually. It is different from many small savings schemes and bank FDs. It gets compound interest in every quarter.

No tax exemption on interest

However, it has to pay tax on the amount of interest in it. In this, you cannot avail tax exemption under Section 80C, so the interest rates being deposited in the bank account should be declared under the ‘income from other sources’ in income tax returns. Under the Women’s Honor Savings Certificate Scheme, the account can also be opened under the age of 18 years. It will be looked after by the guardian.

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