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PPF Update: Multiple PPF Accounts Opened After 2019 Cannot Be Merged, Centre Issues Fresh Order

If PPF subscribers have opened 2 or more Public Provident Fund accounts after December 12, 2019, then it will be closed without any interest payment. Also, there will be no more chance of merging the PPF accounts. Regarding this matter, the Department of Economic Affairs at the Ministry of Finance issued an OM (Office Memorandum), clearing all the doubts about the merging of PPF accounts.

The OM made it clear that any requests to merge such PPF accounts won’t be entertained.


“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 proposal should be sent to the Postal Directorate for amalgamation of such PPF Accounts,” the circular stated.

According to the PPF new scheme, a subscriber cannot have more than one account. However many citizens have more than one account opened in the past.


For example, if a citizen had opened a PPF account in 2015 and another in 2020, in such case, these accounts can’t be merged and the account opened in January 2020 will be closed without giving the citizen an interest amount.

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