New Delhi: If you also invest in PPF account, then you must read this news. For those investing in PPF, a big rule has come from the government, which will have a direct impact on the investors. It was clarified by the Ministry of Finance that two or more PPF accounts opened by the same person on or after December 12, 2019, cannot be merged. An Office Memorandum (OM) has also been issued in this regard by the Ministry of Finance.
It has been told in the same office memorandum that the institutions operating the PPF account should not send the request to merge the PPF account opened on or after 12th December. Behind this, the rules of the year 2019 of PPF have been cited. After the issue of OM, it was told in the circular issued by the post office that out of two or more PF accounts opened on or after December 12, 2019, only one account will remain active. The remaining accounts will be closed. No interest will be paid on any account to be closed.
For example, if you opened one PPF account in January 2014 and the other in February 2020. So in this situation your PPF account of February 2020 will be closed. No interest will be earned on this account. Similarly, if you opened the first account in January 2014 and the second one in February 2017, these two will be merged on your request.
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