When it comes to safe investments and tax savings, the Public Provident Fund (PPF) remains one of the most trusted options among Indian investors. Backed by government guarantee and offering attractive interest, this long-term savings scheme is especially popular with the middle class.

However, many investors often wonder: Can you open more than one PPF account? Can opening accounts in different banks help you earn more interest? Before making any move, it’s important to understand the official rules.

Here is everything you need to know.

Can You Open More Than One PPF Account?

As per rules notified by the Ministry of Finance, an individual is allowed to maintain only one PPF account in their own name across the country.

It does not matter whether the account is opened in:

• A government bank
• A private bank
• Or the post office

You are permitted to hold only one active PPF account in your name.

What Happens If You Open Two Accounts?

If a person knowingly or unknowingly opens multiple PPF accounts, it is treated as a violation of PPF rules. In such cases:

• The second account is declared irregular
• No interest is paid on the excess account
• Tax benefits are not allowed on that account

This can lead to financial loss, so investors should be careful.

Special Rule: PPF Account for Minor Child

There is one important exception.

As a parent or guardian, you can open a PPF account in the name of your minor child in addition to your own account. However, there is a strict investment cap.

Annual Investment Limit

The combined deposit in:

• Your own PPF account plus
• Your minor child’s PPF account

must not exceed ₹1.5 lakh in a financial year.

If this limit is crossed:

• The excess amount will not earn interest
• Tax benefits will apply only within the limit

Opened Two Accounts by Mistake? Here’s What to Do

If you have accidentally opened more than one PPF account, don’t panic. You can apply to merge or regularize the accounts.

Steps Generally Involved

1. Submit an application to your bank/post office.
2. The case is referred to the Department of Economic Affairs.
3. After verification, balances may be merged into the primary account.
4. The irregular account is closed.

⚠️ Note: The process can take time, so prevention is always better.

PPF Investment Limits and Key Benefits

Deposit Limits

• Minimum yearly deposit: ₹500
• Maximum yearly deposit: ₹1.5 lakh

Major Advantages

• ✅ Government-backed safety
• ✅ Long-term wealth creation
• ✅ Loan and partial withdrawal facility
• ✅ Completely tax-efficient

PPF falls under the EEE (Exempt-Exempt-Exempt) category, meaning:

• Investment is tax-deductible
• Interest earned is tax-free
• Maturity amount is tax-free

Final Takeaway

PPF is one of the best long-term investment tools available in India, but it comes with strict rules. Opening multiple accounts in your own name is not allowed and may lead to loss of interest and tax benefits.

Before investing, make sure you follow the guidelines carefully so your savings continue to grow safely and efficiently.