Public Provident Fund: If Opened Two PPF Accounts know new rules.
New Rules do not allow the Person to have Two Public Provident Fund . According to the rules, the second Public Provident Fund Account is irregular. It does attract any interest on the deposit.
There is a rule about Public Provident Fund that can open only one Public Provident Fund in his name. Regardless of whether it is opened in the Post Office or in the bank. But sometimes, there are two Public Provident Fund of some people. Since the rules do not allow two PPF accounts, if someone has opened two PPF accounts, both have to request to merge the PPF account.
Postal Department also has been issued a new circular. If you have opened two or more public provident fund (PPF) accounts on December 12, 2019. In that case, it will be stopped without any interest payment. Apart from this, there will be no possibility of merging such PPF accounts. The Department of Economic Affairs (Budget Division) of the Finance Ministry was instructed to send a proposal for the merger of PPF accounts formed under PPF Rule 2019.
As per the latest circular of the Department, 12/12/2019 is proposed to merge or exhibit any one or all Public Provident Fund accounts. Such accounts (accounts) without any interest Payment should be stopped. No proposal for the merger of such PPF accounts should not be sent to the Post Directorate. “
Understand this example
A new circular can understand that if a person opened a Public Provident Fund in January 2015 and the second PPF account in January 2020, in such a situation, these accounts could not be merged. The accounts opened in January 2020 Without any interest will be closed.
At the same time, the Account was opened by a Person in 2015, and in 2018, it can be merged requesting these accounts.
How to Merge the second PPF account
According to the rules, the second PPF account is considered an irrigators account, and there is no interest on deposits. Apart from this, there may also be penalties for two Public Provident Fund . To merge the second Public Provident Fund account, inform the Department of Economic Affairs (Dea) of the Finance Ministry. For this, the Under Secretary- NS Branch MOF (Dea), New Delhi-1, has to give a written application and all the details of both Public Provident Fund in the application. Applications are through the post office.