PPF account interest rate calculator (A-Z info)

By | September 13, 2017

PPF account:  PPF interest rate, PPF calculation & rules Public provident fund withdrawal tips. Open Online PPFAccount With the Below Document at Any Time.

PPF Account Eligibility Details

PPf Account means PUBLIC PROVIDENT FUND and is a long debt scheme of government of India on which regular interests paid.Any Individual (whether Salaried or Self-Employed or any other category) can invest in this scheme and can earn a handsome tax-free return on the same which is usually higher than the return offered by Banks on Fixed Deposits

Public Provident Fund Account can be opened post office any state bank of India any other some branches of nationalized banks

PPF Account for NRI

NRI’s are not allowed to subscribe the PPF Account.However, if someone opens a PPF Account while he is a Resident of India but subsequently becomes an NRI, he shall be allowed to continue investing in his account Maximum and Minimum amount to be deposited in PPF. each year The Maximum amount that can be deposited in a PPF account every year is Rs. 70000 and the Minimum amount to be invested in PPF every year is Rs. 500 Every subscription shall be made in Cash/Crossed Cheque/Draft/Pay Order in favor of the Accounts Officer at the place at which that office is situated.This amount may be paid in 12 monthly installments or in lump sum the option of the Account Holder

pf claim status   UAN passbook  download    Epfo online payment   Uan activation

PPF Maturity withdrawal process

This amount may be paid in 12 monthly installments or in lump sum the option of the Account Holder

Image result for sbi account images

PPF in Post Office                                                                                Image result for post office images

  1. You can open a PPF account in any of the private and public sector banks along with all the post offices.  In this article, we would discuss on how you can get opened for yourself PPF in the post office and how you can run it conveniently.

    Documents required for PPF in Post Office

    There are very few documents required for opening of PPF account.  Here is the list of documents you would need to open a PPF in Post Office.
    Two latest passport size photographs
    Proof of address
    Proof of Identity
    PAN Card
    Deposit amount (minimum Rs 500).
    As you can see there are only a few prerequisites for opening PPF in the post office.  All you need to do is walk up to any of your post offices in the locality and meet the concerned official.

    The procedure of getting PPF account in Post Offices

    Walk up to any of the post offices near your vicinity,
    Meet the concerned official and fill up the requisite form for account opening.
    You can also download the form from internet,
    Affix your Passport Photograph on the space provided on the form and cross sign it accordingly.
    Attach the photocopy of the required documents along with the form and submit it to the post office executive along with your deposit money.
    You can deposit a minimum of Rs 500 and Rs 70,000 as the maximum at the time of opening of the account.

    Important Instructions for Opening of PPF Account

    There is no provision for joint account in PPF. Only one person can open a PPF account in his/her own name.
    The account holder can, however, nominate others for the PPF investment. A maximum of four people can be nominated for a PPF account.
    If the depositor of the account is an adult, a PPF account for a minor is also possible.
    The maturity period for PPF account is 15 years, however, the account holder if wishes to extend the term of the account can do so in a multiple of 5 years.
    You can’t withdraw prematurely before the start of 7th year of the account
    Loan against PPF can be taken during the start of 4th year and beginning of 7th year of the account

    PPF Account Interest:

    The current rate of interest for PPF is 8.7% and the minimum locking term for the scheme is 15 years, which could be further extended in multiple of 5 years.

In the year 1968, the PPF was announced by Ministry of Finance in India and the people who earn the money and get the deposit in the respective account are not having the taxable. However, the deposit, which made beyond the PPF account, will be claimed as the tax deduction. Therefore, the PPF scheme is considered as the most efficient instrument in the India, which was developed to encourage the massive saving among the Indians in the general but it, applicable especially to the people who create retirement corpus.

This PPF Account allows the people to deposit the funds for fixed periods and get back returns on their current saving of money.  It offers the money back with the interest rate up to 8.7% but this year the rate may get change. However, this scheme help to encourage the major saving crossways income classes and other short deposit document is highly simple and affordable so it will be more comfortable for the customer to inverse the money in an easy manner. On each year, the interest rates are well set and announced by the government of India.

PPF account opening:

This account can simply open by two methods such as visit a post office or bank and via online

At Post Office or Bank:

To open the account via post office the customer needs to submit the required form with all necessary things. Then the starting deposit must open the account and banks as well as, another post office will act as agent for the same government.

PPF Online payment & balance check:

When it comes to the online account open via through the bank official website will be very simple to create the account. Else, you can open the account via online through the third party financial service site. Before going to open the account, it is necessary to check out and consider the terms and conditions which laid by the same bank over the online. On hiring the online account, open will help to cut down the major time and cost of the customer. Some of the banks offer the great support like linking saving the account, the online statement for an account and fund transfer over the online.

The document must have to open PPF account:

  • PAN card, Passport, driving license, Voters ID
  • Current photographs
  • Account opening for with nomination form
  • Some banks can require the additional document with no risk.

Therefore, you can simply go with the online to open account deposit the money with no risk and save a lot of time.

PPF Interest rate bank wise SBI

Current PPF Interest rate is 8.70% annum. minimum withdrawal lock is 15 years. Premature withdrawals available from 6th financial year.(April 1st to March 31st).

SBI PPF interest and Other banks Like ICICI, IDBI, HDFC, AXIS  would be same at 8.7%.

PPF Interest calculator for 15 years

PPF  interest rate from 01.04.2016) is 8.10 %  (New year 2017 may change big difference).

 

Interest rate: 8.1%
Age of scheme: 15 years
Minimum amount (per year): 500
Maximum amount (per year) : 1,50,000
Number of instalments1-12
One person one 1 account with any bank lock-in period: 15 years (after 6th year can withdraw some amount)

period lock: 15 years (after 6th year can withdraw some amount)
we can extend more 5 years after 15 years of maturity.
IT Section 80 C applicable up to 1.5 lakhs.No tax on interest like Fixed Deposit.

PPF alternative scheme mutual fund’s ELSS scheme but it too risky and high return 15% interest rate. exempted from EEE wealth tax.

How to calculate PPF Interest rate?

  1. Select your Age,
  2. Select PPF Subscription /payment monthly/quarterly/half-year or annual.
  3. Enter the Amount invested PPF in every year. (maximum Amount 1,50,000).
  4. Select the PFF tenure 15 years to 50.
  5. Click on get Mature Amount.

Note: Interest rate Accumulated every year by Latest PPF interest rate.

 

Check out SBI / ICICI PPF Calculator?