New Delhi: PPF Account New Rule: If you also invest in PPF account, then you must read this news. A big rule has come from the government for those who invest in PPF, which will have a direct impact on the investors.
Office memorandum issued
It was clarified by the Finance Ministry 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 Finance Ministry.
Cited 2019 rules
It has been said in the office memorandum that the institutions operating PPF accounts should not send requests for merger of PPF accounts opened on or after December 12. Behind this, the rules of the year 2019 of PPF have been cited.
Only one account will remain active
After the issue of OM, in the circular issued by the post office, it was said that out of two or more PF accounts opened on or after December 12, 2019, only one account will remain active. Rest of the accounts will be closed. No interest will be paid on any account to be closed.
understand by example
For example, if you opened one PPF account in January 2014 and another in February 2020. So in this case 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.