Can I Have 2 PPF Accounts?

How can I merge two PPF accounts?

For this, you will have to write a letter to the “Under Secretary-NS Branch MOF (DEA), New Delhi-1” through the Accounts Office, who will give you details of the two accounts and you can also place a request for a merger of these PPF accounts..

How can I close my second PPF account?

On how to close the second PPF account, Solanki said that one needs to approach the bank or post office where the second PPF account has been opened. If there is some PPF account interest credited, then the PPF investor will have to repay the PPF interest credited to one’s PPF account and ask for its closure.

Which is best SIP or PPF?

The interest rate is decided by the government. SIP investment in mutual funds are ideal for all, short term, medium term and long term goals. They are ideal for wealth creation and fulfilment of goals. A PPF is ideally suitable for only long term investments of 15 years or more.

Can I open another PPF account after 15 years?

PPF accounts have a maturity period of 15 years and they can be extended. If there is no fund requirement, financial planners say, PPF account holders should extend the account beyond 15 years. … The interest earned and maturity proceeds are also tax free.

What happens to PPF in case of death?

In the event of the death of a PPF subscriber, any money in his account is passed on to the nominee(s) or the legal heir(s). … In the event of the death of a Public Provident Fund (PPF) subscriber, any money left in their PPF account is passed on to the nominee(s) or the legal heir(s).

Can I open PPF account on my wife name?

Yes, your wife can have a PPF account in her name and you can invest Rs 1.5 lakh on her behalf (apart from the Rs 1.5 lakh that you invest in your own PPF account). Under the income tax laws, income from money given to a spouse is clubbed with the income of the giver.

Can I have two PPF accounts in different banks?

“PPF rules are very clear that one can’t open more than one account if someone still opens a second account, he or she will not be eligible for any interest on invested amount,” said Rajan Pathak, Mumbai-based independent financial advisor. “The second account will have to be closed down.

Can husband and wife have separate PPF accounts?

First of all, both husband and wife may open PPF accounts in their name only if both of them have their own sources of income. … He or she may open accounts for his/her minor children, but total investments in PPF against a single PAN cannot exceed the statutory limit, which is now Rs 1,50,000 in a financial year.

Is PPF better than LIC?

The Public Provident Fund tends to provide a far superior rate of returns compared to an LIC policy like Jeevan Anand. What you should do is invest in the PPF and take a term policy online, which is cheaper and faster. In the term policy you do not get your money back, but, you are provided with solid insurance.

Can PPF account be closed?

As a rule, one can fully withdraw the PPF account balance only upon maturity i.e. after the completion of 15 years. Upon completion of 15 years, the entire amount standing to the credit of an account holder in the PPF account along with the accrued interest can be withdrawn freely and the account can be closed.

How much I will get in PPF after 15 years?

PPF Calculation for investment periods of:Investment PeriodTotal PPF InvestmentTotal Interest Earned15 yearsRs. 1.5 lakhRs. 1.4 lakh20 yearsRs. 2 lakhRs. 2.88 lakh30 yearsRs. 3 lakhRs. 9 lakhOct 8, 2020

Can you pay your wife a salary?

When that’s the case, there is no need to provide your employee-spouse with an annual W-2 wage statement or withhold or pay any federal payroll taxes. In contrast, paying your spouse “regular” cash wages triggers the W-2 filing requirement, as well as Social Security and Medicare taxes.

Which PPF is best?

SBI PPF Account. SBI PPF is a government-regulated PPF account scheme, which is distributed through SBI branches.SBI PPF deposits allow a maximum limit of ₹ 1.50 Lakh per annum, for a maximum tenure of 15 years. … ICICI PPF Account. … HDFC Bank PPF Account. … India Post Office PPF Account.

Can I transfer PPF account to another bank?

You can invest in PPF through banks and the post office. … Both bank and post office PPF account holders can transfer their accounts from one bank to another, or from one post office branch to another or bank.

Can we increase PPF amount?

Investment Amount/Monetary Deposit 500 in the PPF scheme. The maximum limit of the deposit is now 1, 50,000. The upper or the maximum deposition limit has been increased very recently, from 1 lakh to 1.5 lakhs. An individual cannot deposit more than Rs.

What is the minimum lock in period for PPF account?

15 yearsA PPF account comes with a specified lock-in period of 15 years. However, you should keep in mind that in case of PPF, the lock-in period in not calculated from the date of opening the account. Instead, it’s calculated from the date of end of the financial year in which the first deposit was made in the account.

How can I get maximum PPF benefit?

So as a PPF subscriber, if you wish to maximise your interest earnings, you should deposit your PPF contributions on or before the 5th of every month. The ideal option would be to invest Rs 1.5 lakh between April 1 and April 5 (total limit for investing in a year is Rs 1.5 lakh) at the start of the financial year.

What is current PPF interest rate?

7.9%As of now the current PPF interest rate for July- September 2019 is 7.9% which is compounded annually. Before this, the interest rate was 8% for April-June 2019. The PPF interest rate is set every year by the ministry of finance and is paid each year on 31st March.