PPF: Did you Open Multiple PPF Accounts to Save Tax? Govt May Close them, Know New Rule

Do you have multiple Public Provident Fund in your name? On March 3, 2022, the department of economic Affairs, ministry of finance stated issued a letter to all head post offices mentioning, “In case any one of the PPF accounts or all the PPF accounts is/are proposed to be merged or amalgamated is / are opened on or after 12.12.2019, such account shall be closed without any interest payment and no proposal should be sent to the Postal Directorate for amalgamation of such PPF Accounts.” What it means for PPF Account holders 1) The cut-off date for the merger of PPF accounts stands at December 12, 2019, and any PPF account opened post that date is not eligible for regularisation. 2) If multiple PPF accounts opened under your name on or before December 12, 2019, they can not be clubbed. To save tax, many individuals end up opening multiple PPF accounts — one PPF account with the bank, one with the post office. Therefore, an investor looking to invested in multiple PPF account will not to be able to do so and he will be bearing a loss of interest amount,” said Maneet Pal Singh, partner, IP Pasricha & Co. What happened to your Multiple PPF Accounts Opened Before December 12, 2019?