Attention PPF Account Holders! Check this rule or else the account will be closed, interest will not be available;

There is big news for those holding Public Provident Fund Account (PPF Account). If you have invested in PPF or you are planning to invest your money, then the rules have been changed by the government. A new rule has been issued by the government, which will have a direct impact on the account holders.

Information provided by Finance Ministry

Giving information, the Finance Ministry has said that on or after December 12, 2019, if a person has opened 2 accounts or has more than this PPF account, then they will not be able to merge. Finance Ministry has also issued Office Memorandum for this.

Accounts will not be merged

In the information given by the government, it has been told that in any situation do not send or accept the request to merge all the PPF accounts opened on or after December 12. 

Only one account will be active

In the OM issued by the government tells that if an accountholder holds 2 accounts or more than 2 then only one account will be active and other will be closed.

Interest will not be given on the account

Apart from this, the government informed that interest will not be given on any closed account.

Public Provident Fund (PPF)

The minimum balance for PPF account holders is Rs 500 i.e. you have to invest at least Rs 500 in it annually or else your account will close. The last date for putting money in this is 31 March 2022. If you do not deposit the money by the last date, then you will have to pay a fine of Rs 50 per year.