The Ministry of Finance’s Department of Economic Affairs (Budget Division) directed to not ship any proposal for consideration of merging, i.e., amalgamation of PPF Accounts shaped beneath the PPF Rules 2019.
Department of Posts in its newest round said: “In case any one of the PPF accounts or all the PPF accounts is/are proposed to be merged or amalgamated is / are opened on or after 12/12/2019 such account(s) shall be closed without any interest payment and no proposal should be sent to the Postal Directorate for amalgamation of such PPF Accounts.”
As per the Public Provident Fund (PPF) Scheme guidelines, a person cannot have more than one account. However, many individuals nonetheless inadvertently find yourself opening more than one PPF account; they’d have opened PPF accounts with two completely different banks or with a submit workplace and a financial institution as nicely.
Say, for instance, if an individual has opened a PPF account in January 2015 and one other PPF account in January 2020, in such case, these accounts cannot be merged and the account opened in January 2020 will be closed with out bearing any curiosity.
In one other case, if one account is opened in 2015 and one other in 2018 by the identical individual, these accounts can be merged by requesting for amalgamation.