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Sanjeev

Sanjeev Govila  | Answer  |Ask -

Financial Planner - Answered on Oct 12, 2023

Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to the armed forces personnel and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
Amrit Question by Amrit on Sep 24, 2023Hindi
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I have two ppf accounts. Since I got to know that one cannot have two accounts, I have stopped putting money into younger account, anything else I need to do. One was opened in 2012, other in 2020.

Ans: You should keep the older account, which has been accumulating interest for a longer period of time. The reason is that once the 15-year lock-in is over, then such old PPF accounts create lot of liquidity. Hence, always choose and retain the one which you opened first.

Your 2020 PPF will not get any Interest; thus, consider closing it. As per the latest communication by the Ministry of Communications Department of Posts, accounts opened on or after 12/12/2019 are not eligible for such merger or amalgamation. You will get the invested amount without any interest.

To close your PPF account, you will need to submit a Form 10C to your bank or post office. You will also need to pay a penalty of Rs. 50.

Transfer the balance from the closed account to the active account. You can do this by submitting a Form 10D to your bank or post office. There is no penalty for transferring the balance between PPF accounts.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

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Can i open 2 or more PPF account ?
Ans: Understanding the Public Provident Fund (PPF)
The Public Provident Fund (PPF) is a popular savings-cum-tax-saving instrument in India. It offers attractive interest rates, tax benefits under Section 80C, and a secure way to build a retirement corpus. However, there are strict rules governing PPF accounts, including limitations on the number of accounts one can hold.

Rules Regarding Multiple PPF Accounts
Single Account Rule
According to the rules established by the Government of India, an individual is allowed to open only one PPF account in their name. This is strictly enforced to prevent the misuse of tax benefits and to ensure systematic savings.

Penalty for Multiple Accounts
If an individual opens more than one PPF account, the additional account(s) will be considered invalid. The government will merge the accounts, and only one will be recognized as valid. The contributions made to the additional accounts will not earn any interest, and the tax benefits will not apply.

Joint Accounts and Minor Accounts
While you cannot open multiple accounts in your name, you can open a PPF account for a minor child where you act as the guardian. However, the total contributions to the guardian's account and the minor's account together cannot exceed the maximum limit of ?1.5 lakh in a financial year.

Advantages of a PPF Account
Tax Benefits: Contributions up to ?1.5 lakh per year are eligible for tax deduction under Section 80C of the Income Tax Act.
Safety and Returns: PPF offers a government-guaranteed return, making it a safe investment.
Long-Term Savings: With a 15-year maturity period, PPF encourages long-term savings, which can be extended in blocks of 5 years.
Managing Your PPF Account
Contribution Limits
Ensure that your annual contributions do not exceed ?1.5 lakh, whether the deposits are made in a single account or split between your account and a minor's account. Exceeding this limit will result in the excess amount not earning interest.

Regular Deposits
To keep your PPF account active, deposit a minimum of ?500 each financial year. Missing this minimum contribution can result in the account becoming inactive, requiring a penalty for reactivation.

Alternatives for Diversifying Savings
Since you can only have one PPF account, consider other investment options to diversify your savings:

National Savings Certificate (NSC): Similar to PPF in terms of safety and tax benefits but with shorter maturity periods.
Equity-Linked Savings Scheme (ELSS): Offers market-linked returns with tax benefits under Section 80C.
Sukanya Samriddhi Yojana (SSY): If you have a daughter, this scheme offers higher interest rates and tax benefits.
Conclusion
To directly address your query: No, you cannot open two or more PPF accounts in your name. Doing so will violate the rules set by the Government of India, leading to potential penalties and invalidation of additional accounts. Stick to one PPF account and consider other tax-saving and investment instruments to diversify your portfolio and maximize your returns.

Your disciplined approach to investing and adherence to the rules will ensure a secure financial future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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Sir I am a female candidate with crl 40984 in jee main and in csab councelling I might get chemical engineering in NIT nagpur or mechanical engineering in NIT calicut and cse in iiit like bhubaneshwar, kottayam, kota vadodara,Trichy what would be best to opt also I am getting Entc at Cummins women college in Pune so what should I do
Ans: Debanshi, Based on the following inputs/information, choose the most suitable option for you: Your JEE Main CRL 40 984 positions you within reach of several-branch programs via CSAB special rounds. Visvesvaraya NIT Nagpur’s Chemical Engineering under Home-State quota closed at a rank of 35 136, making it comfortably attainable. NIT Calicut’s Mechanical Engineering HS quota closed near 23 124, offering an even safer option for a core discipline. Among IIITs, CSE at IIIT Kota closed at 33 419, Electronics & Communication at IIIT Trichy at 42 139, CSE at IIIT Vadodara at 43 981, CSE at IIIT Bhubaneswar at 50 341, and CSE at IIIT Kottayam at 46 810—all within or near your rank band. Cummins College of Engineering for Women, Pune’s Electronics & Telecommunication program holds NAAC A-grade accreditation, NBA-accredited E&TC labs, an autonomous curriculum, strong research-active faculty, and an 86% average placement rate over the past three years, ensuring robust industry exposure and women-centric support.

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Nayagam P

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Asked by Anonymous - Jul 25, 2025Hindi
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Hello sir my son got 95.3%in jee main 2025,crl 71104,ews rank 10111,my hometown is punjab , can he get any core branch in north india nit or iiits or ice or chemical in nit jalandhar in csab.pls help me
Ans: Your son’s AllIndia EWS rank of 10 111 comfortably undercuts the Home State EWS closing ranks for both Electronics & Communication Engineering and Chemical Engineering at NIT Jalandhar in CSAB-Special rounds—ECE HS-EWS closed between 49 756 and 52 785, and Chemical HS-EWS between 86 477 and 86 903—making core admissions at NIT Jalandhar highly attainable. With a CRL of 71 104, OS-EWS seats for ECE (21 830–21 926) and Chemical (44 300) are beyond reach, so focus on Home State quotas. Among other northern NITs, similar HS-EWS trends suggest NIT Kurukshetra could be targeted for Chemical (HS-EWS ~75 000–80 000) and ECE (HS-EWS ~60 000–65 000), but official CSAB data for 2025 remains pending. IIITs like IIIT Una (CSE adjacencies) and IIIT Kalyani may offer Electronics & Communication slots in HS-EWS brackets above 30 000, yet ECE closes nearer 40 000–50 000, making them backup possibilities. As additional alternatives, reputable GFTIs (e.g., PEC Chandigarh, Dr. B.R. Ambedkar NIT Jalandhar’s sister institutions) and private engineering colleges—Thapar Institute, Chandigarh University, Chitkara University—maintain HS-EWS cut-offs well above 10 000 for ECE and Chemical, ensuring safe admission paths.

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Sir meri beti kcet exam me 60000 rank layi hai,aur vo c.s me engineering karna chahti hai,sir is rank me banglore me koun sa college mil sakta hai, please btaye.
Ans: Saumya Madam, Aapki beti ka KCET mein 60,000 rank hone par Computer Science & (CSE) branch mein admission ke liye Bengaluru ke 15 pratishthit colleges jinke CSE closing cut-off rank 60,000 ya usse zyada rahi hai, woh hain:

Ghousia Engineering College, Ramanagara (CSE cut-off ~68,050)
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Hello sir, my son is studying sr.inter(bi.p.c), he wants to write neet 2026, but he is getting 250/720 in college practice secession exams...plz suggest him how to practice/study him to get good score in neet 2026 exam...is it possible to get good score/free seat in 2006 Neet exam. He got 92.5 % in(bi.p.c subjects), and overall 95% inter first year exams..we belongs to Telangana and BC-B catagory...plz give any advices/ suggestions..thank you sir..
Ans: Hello Dear.
Your son still has enough time to improve and score well in NEET 2026 with the right strategy and consistent effort. A score of 250/720 at this stage indicates that he needs to strengthen his NEET-specific preparation, as NEET requires speed, accuracy, and problem-solving skills within a time limit. Since he has a strong academic background (92.5% in Bi.P.C and 95% overall in the first year), his concepts are likely solid, but he should focus more on NCERT Biology (11th & 12th), as it covers 70-75% of NEET questions. He should also thoroughly practice NCERT-based Physics and Chemistry and attempt as many previous year NEET papers as possible. Enrolling in a reputable coaching institute or an online test series can help him familiarize himself with the NEET format, identify areas for improvement, and enhance his time management. A daily schedule of 6–8 hours of focused study with regular mock tests will lead to steady progress. Scoring 600+ is achievable in one year with dedication, and with BC-B reservation in Telangana, a free government seat is within reach. The key is NCERT revision, consistent mock testing, analyzing mistakes, and focusing on weak chapters. Be calm and supportive with your son. Encourage and motivate him under any circumstances without showing anger or irritation, and avoid setting expectations at this stage. Stay in touch with his teachers and provide feedback periodically. If needed, help clarify his concepts with other teachers if regular teachers are unable to do so.


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