New Delhi, May 22 -- The Public Provident Fund (PPF) is a popular long-term savings scheme among Indian investors due to its government backing, tax benefits and assured returns on deposits. Offered through banks and post offices, the scheme allows individuals to make monthly or annual contributions while earning tax-free interest under existing rules.

The scheme currently offers an interest rate of 7.1% per annum, which compounded annually and is reviewed by the Central government on a quarterly basis. Since PPF accounts can be opened across multiple authorised institutions, a common question arises on whether investors are permitted to maintain more than one account simultaneously.

According to rules in the PPF scheme, 2019, an indivi...