The Public Provident Fund (PPF) is one of India’s most trusted long-term savings options.
It’s government-backed, tax-friendly, and widely used for retirement and financial planning.
Many investors wonder if opening multiple PPF accounts can help increase tax-saving investments.
The answer is no. According to government rules, an individual can have only one PPF account in their own name.
Opening extra accounts, whether at another bank or post office, is not allowed.
If multiple accounts are found in the same person’s name, the extra accounts are treated as irregular and may have to be closed.
Interest on such additional accounts is usually not paid.
Options for Family Members
While you cannot have multiple accounts yourself, the rules allow parents or guardians to open a separate PPF account for a minor child.
However, the total annual contribution across your own account and your child’s account cannot exceed Rs 1.5 lakh in a financial year.
This is the maximum limit under Section 80C for tax-saving purposes.
Why PPF Remains Popular
The PPF scheme has a 15-year maturity period and offers tax-free interest along with government-guaranteed returns.
You can deposit a minimum of Rs 500 and a maximum of Rs 1.5 lakh per year, making it an attractive option for long-term savings and retirement planning.
In short, while you cannot open multiple PPF accounts for yourself, you can still invest in accounts for eligible family members like minor children, all within the government’s contribution limits.