Question: Can A Person Have 2 PPF Accounts?

Which is best SIP or PPF?

A PPF is ideally suitable for only long term investments of 15 years or more.

Thus, it is an excellent option for retirement planning, meeting your children’s education or marriage.

SIP investment in a mutual fund attracts both, short term and long term capital gains tax..

Can I increase my PPF amount?

After maturity, a subscriber has the option to extend the maturity period of the PPF account in a block of 5 years. The account can be extended for ‘N’ number of blocks of 5 years each. It will continue to earn the prevailing interest rate even if you do not make any contributions.

How can I merge two PPF accounts?

You have to get the approval from the Department of Economic Affairs to merge your two PPF accounts by writing a letter to them. Furnish all your account details in that letter and request them to merge these accounts. Your accounts will be merged after your request has been approved.

Can husband and wife have separate PPF accounts?

First of all, both husband and wife may open PPF accounts in their name only if both of them have their own sources of income. So, a working husband cannot open a PPF account in the name of his wife.

How many times PPF account can be transferred?

PPF Account Transfer Only one PPF account can be held per adult individual, except in the case where a parent or guardian is creating and maintaining an account on behalf of a minor. The PPF Account itself, however, can be transferred from a bank to the post office, and vice versa.

Can PPF account be transferred to another person?

Both bank and post office PPF account holders can transfer can transfer their account from one account office to another accounts office, according to PPF rules. … Both bank and post office PPF account holders can transfer their accounts from one bank to another, or from one post office branch to another or bank.