what is PPF interest rate?

Hello there, I saw that you wanted to know what is the interest rate of PPF account, and I am here to help you with the same.

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The minimum tenure for the investment is 15 years. Talking about the amount you can invest lies in the range of Rs. 500 to Rs. 1.5 lakh in a financial year. The investment can be made in a lump sum form or in a maximum of 12 instalments. Below, I am sharing a few more details about the PPF.

What is PPF Account Interest Rate and Features?

Here are some details about what you should know if you’re looking to open a PPF account.

• Opening Balance of PPF Account:

  The account opening fee for PPF is 100.

• Deposit Frequency:

  You need to make deposits into your PFF account at least once a year.

• Mode of Making the Deposit:

  You can make the deposits through cheque, DD, cash and fund transfer.

• Risk Involved:

  The scheme is supported by the government, hence, the PPF scheme is secure and risk-free. 

• Nominees:

  You can assign a nominee during the time of the account opening or later on.

• Joint Accounts:

  You can have the account as an individual only.

This is all I have to share about what is the PPF interest rate. I hope this helps.

Public Provident Fund (PPF) is a government saving scheme, which aims to benefit small savers over the long term. I personally like this scheme because it guarantees returns on the savings, without any market risk. Let me tell you what is PPF interest rate.

As compared to other fixed-income products that have government backing like Post Office Time Deposits, NSC (National Savings Certificate), etc., interest rates provided on PPF are one of the best. Generally, PPF interest rates are usually higher than the prevalent Fixed Deposit rates provided by Banks.

The government sets the PPF Interest rate every quarter. The current interest rate for Quarter 1 (April to June) Financial Year 2022-23 for Public Provident Fund (PPF) accounts has been set at 7.1%.

Now you know what is interest rate for PPF account.

The interest on PPF (Public Provident Fund) is calculated on the minimum balance in your account between the fifth to the last day of every month. So, if you want to deposit a huge amount at any time of the year, you should ideally do that on or before the fifth of the specific month. In this way, you’ll earn interest on the amount for the entire month.

The amount in a PPF (Public Provident Fund) account can’t be claimed to meet cases of liability or/and debt. The whole amount in a PPF account belongs to the account holder for life and is payable to the nominees of the individual after their death.

If you deposit up to Rs. 1,00,000 p.a. in your PPF account, the amount is deductible under the Income Tax Act’s Section 80C. The contributions made to the PPF accounts of an assessee’s children and/or spouse are also eligible for a tax deduction.

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I hope I cleared all your doubts regarding what is PPF interest rate.