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.
