According to government regulations, you can have only a single PPF account in your own name. Whether you go to various post offices or banks, you can’t open multiple PPF accounts in your own name. If you do, the extra accounts will be considered invalid.

Any money you put in the second account will be returned, but you won’t get any interest on it.

While you can’t open more than one account for yourself, you can open a PPF account for your minor child. In this case, you’ll be the guardian of the account.

But there’s a small rule to keep in mind. The combined yearly deposit in both your account and your child’s account cannot go beyond Rs 1.5 lakh.

For example, if you put Rs 1 lakh in your own PPF account in a year, you can only deposit Rs 50,000 in your child’s PPF account during that same year.

PPF accounts are strictly individual. That means you can’t open a joint account with your spouse or anyone else—not even with a minor. Even for a child’s PPF account, there will be just one name: the minor, with a guardian.

If you’ve somehow ended up opening two PPF accounts by accident, don’t panic—but do act fast. Inform the bank, post office, or the Finance Ministry as soon as possible. They’ll usually close the second account, and give you back the money you deposited. But remember—you won’t earn any interest on that amount.