Multiple PPF accounts can be merged in this way, know the complete process
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PPF Account: Public Provident Fund (PPF) is a great investment option. The biggest reason for this is that the risk in investing in PPF is almost zero as it is fully protected by the government. Along with this, it also gives great returns. The central government revises the interest rate on the PPF account every quarter. The interest rate is usually 7 percent to 8 percent, which may increase or decrease slightly depending on the economic situation. At present, the interest rate is 7.1 percentage, which is compounded annually. This is more than the fixed deposits of many banks.
It is important to note that a person can have only one PPF account. However, many times people accidentally open more than one PPF account. If this has happened to you, remember that you can merge these accounts.
Post Office Circular
- The postal department had recently issued a circular in this regard, which said that if the depositor opens more than one PPF account, then the second and subsequent accounts are considered irregular.
- >On receipt of the Finance Ministry’s concurrence for merging more than one PPF account, the Post Offices will follow the Standard Operating Procedure (SOP) for merging the accounts.
< li>In such cases, considering the requests of the PPF subscribers, the Department of Economic Affairs regulates such irregular accounts/deposit by merging more than one PPF account into one account, relaxing the rules.
How to apply
- Merger of PPF accounts requires interaction between different operating agency (Bank or Post Office).
- For Merger, the depositor will be required to send the passbook/photocopy of the account details to that office (Post Office or Bank) where he wants to maintain the account.
- After this, this office contacts the office where the account is to be merged and verifies the details of annual subscription for the financial years. /requests to send.
Keep these things in mind
- Maturity and other things will be decided from the date of opening the account in which you will merge the other account.
- Date of actual transfer/balance in the account, loan/withdrawal etc. This will also be considered as the main date.
- If there is any outstanding loan in any PPF account to be merged, then the entire outstanding loan amount along with interest will have to be paid.
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