I have 2 PPF accounts in my name in different banks. I opened PPF 1 in 2016 and 2nd in 2018. I deposited less than 1.5 lakh per year in total of both accounts. After the new rule was applied on 1st October 2024, If I merge the account, can I get interest from the 2nd PPF account?
According to the new rules effective from October 1, 2024, you can merge your two PPF accounts into one. However, the interest rules will apply as follows: 1. PPF Account 1 (opened in 2016): You will continue to earn interest on this account as per the existing rules. 2. PPF Account 2 (opened in 2018): Since you've merged this account with PPF Account 1, you will not be eligible to earn interest on the deposits made in this account from October 1, 2024. However, here's an important point: - If you merge the accounts, the total deposit amount in the merged account should not exceed the maximum limit of ₹1.5 lakh per year. To clarify: - You can merge the accounts, but the interest on PPF Account 2 will be lost from October 1, 2024. - Ensure the total deposit in the merged account does not exceed ₹1.5 lakh per year to avoid losing interest on excess
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