Opened two or more PPF accounts? Check merger rules now or you could lose money | Personal Finance News

New Delhi: Are you saving your money into a City Provider Fund or a PPF account? If so, then you should be aware that an investor is not allowed to open more than one PPF account to your name, according to the Social Provider Fund or PPF Rule 2019.

However, if an individual has opened a second PPF account on or after December 12, 2019, such accounts or accounts will be closed. In these cases, the authorities are not even responsible for the credit distribution of the PPF interest rate.

In a recent Office Notice dated 23rd February 2022, the Department of Economics, Ministry of Finance, stated that the order would not benefit any expertise related to the consolidation of PPF accounts.

The department noted in its official note that “in the case of Dr. Anupam Mishra regarding the merger of account No.7003137726 which opened on 23.03.2021 at the Bank of India, KGM College, Lucknow ka the account was opened under PPF Rules , 2019 and therefore, is not eligible for renewal.

“Accordingly, the account may be closed immediately without any interest payment and the provisions of the PPF Rules, 2019 may be strictly complied with,” the department said in a statement.

“Operating companies are further advised not to submit any proposals for the unanimous consideration of PPF accounts opened under PPF rules, 2019 ie on or after 12.12.2019,” the statement said in a statement. by Mint. Also Read: YouTube developers contribute Rs 6,800 cr to Indian economy by 2020

The department also states that if the PPF account (s open on or after 12.12.2019) is / is proposed to merge, such account (s) will be closed without paying any interest and no advice should be given sent to the Post Office for the merger of such PPF Accounts. Also Read: ASUS Introduces 2-in-1 Vivobook Laptop in India

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