PPF account interest rate calculator (A-Z info)

 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 nationalised 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 favour of the Accounts Officer at the place at which that office is situated.This amount may be paid in 12 monthly instalments or in lump sum the option of the Account Holder

 

PPF Maturity withdrwal process

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

How To open the PPF Account Online

Here, check out how to open a PPF account through the various banks offering PPF accounts such as State Bank of India and its subsidiary (or associated) banks along with ICICI Bank, Punjab National Bank, etc:

The PPF account cannot be opened at all bank branch. PPF can only be opened at specified bank branches. The list of designated bank branches is available at the bank website or it can be found at any bank branch itself. Of Course, doing it online is way easier.

You would need to next submit the following documents, as mentioned below:

PPF Account opening form available at the designated bank branch or the Indian Post portal in case you want to open it at a post office.

Documents Required for PPF Account Opening

  1. ID proof that can be any of the following:
    1. PAN card
    2. Driving licence
    3. Voter ID card
    4. Passport
  2. For online applications, different banks have different processes, but the basic documentation and submission of application remains the same.
  3. Address proof, which can be any of the following:
    1. Telephone bill
    2. Electricity bill
    3. Ration card
  4. Two current photographs
  5. Pay-in-slip, which will be available at the bank branch to transfer amount to your PPF account.

 Opening a PPF Account Online

  1. Carry original documents to the bank for quick and convenient verification
  2. All documents must be self-attested by the applicant.
  3. A PPF account passbook resembling a bank passbook is issued to the applicant once the account is opened. All transactions in the PPF account are updated in this passbook. The passbook is the requirement in order to claim tax deduction under Section 80C of the Income Tax Act.
  4. An important thing to remember is that the payee name should match the name as mentioned in the PPF account passbook.

Opening a PPF account at a bank is far more convenient than opening one at a post office. The bank offers online fund transfer from the individual’s savings account to their PPF account, the same way he or she would make online funds transfer to other bank accounts.

How to open SBI PPF Account:

 

Image result for sbi account images

State Bank of India is the most popular public sector bank in India. Public Provident Fund or PPF is one of the schemes introduced by National Savings Organization in the year 1968. The aim of the organisation via this scheme was to inculcate the habit of saving in the citizens of the country. The PPF scheme from SBI offers decent returns on the money saved and also an interest-free return amount. Since SBI is one of the most trusted names in the Indian banking industry hence the assurance of safety comes along too with the SBI PPF scheme.

Earlier PPF schemes could only be obtained through post offices, however, a number of authorised banks are now entitled to open PPF accounts for customers. PPF account handling is easier in banks than post offices since deposit of cash can be done online whereas post offices do not provide online cash deposit facility.

 Document required to open SBI PPF Account:

Certain documents need to be submitted to the bank for PPF account opening. These documents should accompany a duly filled PPF account opening form. The list of these documents is mentioned below.

  • Duly filled PPF account opening form
  • Proof of identity. For example, driving license, PAN card, passport, voter’s id
  • Proof of residence or current address proof
  • Couple of passport size photographs

Mostly, SBI requires you to self-attest these documents and to carry the original documents for cross-verification during account opening.

SBI PPF Account opening form:

SBI PPF account opening form is a very short and simple form which requires customers to fill in some basic details like –

  1. Name
  2. Initial amount of deposit
  3. Signed declaration for PPF account opening
  4. Details of all PPF account held by customer until date
  5. Signature of customer to signify compliance with all regulations that drive the PPF scheme

    SBI PPF Account Rules and Guidelines:

  6. Duration of SBI PPF schemeSBI offers PPF scheme for an initial duration of 15 years after which customers can request extensions in blocks of 5 years. One or more such 5 year blocks can be requested by customers.
  7. Eligibility criteria to avail SBI PPF schemeAll Indian individuals can avail the SBI PPF scheme either in their own name or in the name of minors. Hindu undivided families are not permitted to avail a single PPF scheme in their name.
  8. Investment limit for PPF accountA minimum investment of Rs.500 per annum or a maximum of Rs.1,50,000 per annum can be deposited as PPF amount. Any amount higher than Rs.1,50,000 earns neither interest nor any tax rebate and hence should not be invested. The amount deposited in the PPF account can either be deposited via single payment or via twelve instalments per year.

    Interest rate in SBI PPF Account

    SBI offers an attractive interest rate for PPF account holders. Currently, the rate is 8.7% per annum and translates into a better rate than any other investment option since the returns earned are totally tax-free. SBI pays the interest for the full year on March 31st. The applicable interest amount is calculated on the minimum balance between the 5th and the last day of a month.

    SBI PPF interest Calculator

    SBI PPF calculator is the graet financial tool to help you plan your  PPF Investment.The calculator takes into account the monthly or yearly investment that you are ready to make and also the applicable rate of interest and then computes the interest paid out to you over the 15 years of the deposit period. This calculator helps the letting customers know the exact amount of return that they can get on their investment if the rate of interest doesn’t change.

    PPF in Post Office                                                                                Image result for post office images

    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 are 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 account, the online statement for 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%
Duration of scheme: 15 years
Minimum deposit amount (per year): 500
Maximum deposit amount (per year) : 1,50,000
Number of instalments every year  1 (Min) to 12 (Max)
Number of accounts one can open: Only One
Lock-in period: 15 years (partial withdrawals can be made from the sixth year)
Extension of PPF Account: After the maturity period (15 years), it can be extended for a period of 5 years
Tax savings (contribution) : under section 80C (up to 1.5 L)
Tax savings (interest earned and final amount): fully exempted from wealth tax

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?