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?
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?
a person can have only one PPF accounts in his own name
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
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