Question: Can I Have 2 PPF Accounts?

Is Sukanya samriddhi better than PPF?

For PPF, the minimum deposit limit is Rs.

500 and the maximum is Rs.

1,50,000.

For Sukanya Samriddhi Account, the minimum deposit limit is Rs….Sukanya Samriddhi Account VS Public Provident Fund.ParametersPublic Provident FundSukanya Samriddhi AccountRate of Interest7.1% (Q3, Oct-Dec.

2020)7.6% (Q3, Oct-Dec.

2020)Entry Age15 YearsBirth8 more rows•Sep 1, 2020.

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.

What is the age limit for PPF account?

Ankur Choudhary, Co-founder& CIO, Goalwise.com replies: There is no upper age limit for opening a PPF account. The lock-in, however, remains at 15 years irrespective of the age at which you open the account. On maturity, the account can be extended by blocks of 5 years any number of times.

How can I get maximum PPF benefit?

The interest on PPF deposits is calculated and becomes due every month but is credited only at the end of the financial year. Deposit the money before fifth of every month in order to get the maximum amount of interest for your deposits.

Can we close PPF account after 5 years?

You can withdraw from the PPF account after it matures 15 years from account opening. You can also make partial withdrawals, after the end of 6th financial year from account opening. Finally, you can go for premature closure after 5 financial years, on specific medical and educational grounds.

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. So, a working husband cannot open a PPF account in the name of his wife.

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.

What happens to PPF account if bank closes?

The PPF account is more secure than fixed deposit of saving bank account. Your money remains with the government of India. Even if your bank goes bust, Your PPF money would remain safe. It safe until the government goes bankrupt.

What happens to PPF account after 15 years?

After the completion of 15 years, the account holder has to intimate the post office within one year whether to continue with deposits or not. After a year, one will have to withdraw full balance or extend the account without fresh contributions.

Can I open another PPF account after 15 years?

A PPF account can be retained after maturity without making any further deposits. … 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.

What is best time to invest in PPF?

Even though the interest on PPF deposits is calculated and becomes due every month, it is credited only at the end of the financial year. Hence, if you are also planning to invest in PPF in the new financial year 2020 to save tax or simply as an investment then you should do it before the 5th of April.

How much I will get in PPF after 15 years?

1,00,000 towards your PPF investment for 15 years at 8.0%, your maturity proceeds at the end of 15 years would be Rs. 31,17,276 .

Can PPF be extended after 25 years?

You have the option of extending your PPF account after it matures. You can extend it indefinitely in a block of five years. During the extended period, you don’t necessarily have to make fresh deposits and you can even make partial withdrawals, however, there are rules governing the same.

What if I invest more than 1.5 lakhs in PPF?

The maximum limit of Rs 1.5 lakh implies that you cannot claim deduction on full amount when the sum of your total contribution in PPF account and other schemes allowed under Section 80 is more than Rs 1.5 lakh in a financial year.