Can a person have two PPF accounts in his own name, say one in bank and other in post office or one in bank and other in some other bank. Please clarify is it legal?
CA. Deepak Narula (B.Com., ACA, DISA) (541 Points)
12 June 2012Can a person have two PPF accounts in his own name, say one in bank and other in post office or one in bank and other in some other bank. Please clarify is it legal?
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 12 June 2012
a person can have only one PPF accounts in his own name
Neha sharma
(-)
(1257 Points)
Replied 12 June 2012
Although legally - you cannot have 2 PPF Accounts but as PPF Account can now be opened in Banks as well as Post Office - there arises a case of having 2 PPF Accounts...
Practically ti is possibel to have 2 PPF Accounts as no-one checks but legally not allowed... moreover you would able to claim deduction u/s 80C of only Rs. 1 Lakh in total irrespective of the number of accounts.. so your only benefit would be higher interest on PPF Account
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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