The Public Provident Fund (PPF) is one of India’s most trusted and popular long-term savings schemes. Backed by the Government of India, PPF is known for its safety, stable returns, and attractive tax benefits. It is especially favored by salaried individuals and conservative investors who want to build a secure retirement corpus without worrying about market risks.
But with such strong benefits, a common question arises: Can an individual open more than one PPF account at the same time? Many people assume that opening multiple accounts in different banks might help them invest more or earn higher returns. However, government rules around PPF are very clear on this matter.
Let’s break it down.
What Is a PPF Account?
A PPF account is a long-term investment scheme with a lock-in period of 15 years. Every financial year, an individual can invest:
Minimum: ₹500
Maximum: ₹1.5 lakh
The amount you invest earns interest every year, and the final maturity amount is completely tax-free. Even the yearly investment qualifies for tax deduction under Section 80C of the Income Tax Act.
After 15 years, you can either withdraw the entire amount or extend the account in blocks of five years, with or without making fresh contributions.
Can You Open More Than One PPF Account?
The simple answer is: No.
As per the Public Provident Fund Act, 1968, an individual is allowed to open only one PPF account in their own name across the country.
This rule applies regardless of where you open the account. For example:
If you already have a PPF account with State Bank of India, you cannot open another one with Punjab National Bank.
If you have a PPF account at a post office, you cannot open another one in any bank.
Opening PPF accounts in different branches or cities also does not change this rule.
In short, one person = one PPF account.
What Happens If You Open More Than One PPF Account?
Sometimes, people open multiple PPF accounts by mistake or due to lack of awareness. In such cases, government rules are strict.
Only one account is considered valid.
The second (or additional) account is treated as an irregular account.
No interest is paid on the irregular account.
If the issue is discovered, there are two possible outcomes.
Option 1: Merge the Accounts
With special approval from the Ministry of Finance, multiple PPF accounts can be merged into one.
For this, the account holder must write an application through the concerned bank or post office to the Ministry, providing details of all PPF accounts.
Option 2: Close the Extra Account
If the accounts are not merged:
The extra account(s) must be closed.
Only the principal amount is returned.
Any interest earned is forfeited and not paid to the subscriber.
This is why it is very important to ensure you open only one PPF account.
Is There Any Exception to This Rule?
Yes, there is one important exception.
PPF Account for Minors
Parents are allowed to open a separate PPF account for their minor child (below 18 years of age). However, only one parent—either the mother or the father—can open and operate the account.
But there is a catch.
The combined investment in:
your own PPF account, and
your child’s PPF account
cannot exceed ₹1.5 lakh in a financial year.
Example:
If you invest ₹1 lakh in your own PPF account, you can invest only ₹50,000 in your child’s PPF account in that year.
Once the child turns 18 years old, the account must be transferred to their name. The child will then submit:
A fresh application form
KYC documents
A new nomination form
After this, the account is operated independently by the child.
How to Open a PPF Account?
Opening a PPF account is a simple process. You can open it at:
Any post office
Nationalised banks like Bank of India
Select private banks such as HDFC Bank and Axis Bank
Documents Required:
PPF application form
Proof of identity (Aadhaar, PAN, etc.)
Address proof
Photograph
Signature
After submitting the documents, you can make your first deposit and start investing.
Current PPF Interest Rate
As of Q2 of FY 2025–26, the PPF interest rate is 7.1% per annum.
Interest is calculated monthly on the lowest balance between the 5th and the last day of the month.
It is credited annually to your account.
To earn maximum interest, it is advisable to deposit your monthly contribution before the 5th of every month.
Final Takeaway
The PPF scheme is designed to promote disciplined, long-term savings, not loopholes or multiple accounts. Government rules clearly state that you cannot open more than one PPF account in your own name. Doing so can lead to loss of interest and unnecessary complications.
If you want to invest more, consider:
Maximising the ₹1.5 lakh annual limit
Opening a PPF account for your minor child
Exploring other tax-saving options alongside PPF
Understanding and following PPF rules ensures that your hard-earned money grows safely—and without any unpleasant surprises later.
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