PPF accounts merger can’t be executed on this case. Check newest round
2 min readPublic Provident Fund or PPF Rule 2019 says that an investor cannot have a couple of PPF account towards his or her identify. If an incomes particular person has opened a couple of PPF account — opened both of each accounts on or after twelfth December 2019 below PPF Rules 2019 — then such PPF account(s) shall be closed with out credit score of PPF rate of interest.
The Department of Economic Affairs at Ministry of Finance has already issued Office Memorandum (OM) on this regard. Putting an finish to confusion relating to the amalgamation of such PPF accounts, the OM has made it clear that any proposal to merge such PPF accounts will not be entertained. The OM was issued whereas addressing the PPF accounts merger proposal by Dr. Anupam Mishra.
In its Office Memorandum date twenty third February 2022, the Department of Economic Affairs at Ministry of Finance mentioned, “In partial modification of this Department letter dated 14.02.2022, the undersigned is directed to refer to the case at serial number No.7 of Dr. Anupam Mishra regarding merger of the account No.7003137726 opened on 23.03.2021 in Indian Bank, KGM College, Lucknow Branch,” including, “The said account was opened under the PPF Rules, 2019 and therefore, is not eligible for regularization. Accordingly, the account may immediately be closed without any interest payment and the provisions of PPF Rules, 2019 may strictly be complied.”
“The operating agencies are further advised not to send any proposal for consideration of merger of PPF accounts opened under the PPF rules, 2019 i.e. on or after 12.12.2019,” the OM concluded.
The round additional defined, “In case any one of the PPF accounts or all the PPF accounts is/are proposed to be merged or amalgamated is / are opened on or after 12.12.2019, such account(s) shall be closed without any interest payment and no no proposal should be sent to the Postal Directorate for amalgamation of such PPF Accounts.”
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