What is the interest rate of PPF in 2023 24? (2024)

What is the interest rate of PPF in 2023 24?

The current PPF account interest rate remains unchanged by the Ministry of Finance for the current quarter 2023-24 is 7.10% p.a. as of February 2024.

What is the interest rate of PPF in HDFC Bank 2023?

The Indian Government revises the PPF interest rate every quarter. The PPF interest rate is 7.1% for FY 2023-2024, Q2. Invest an amount that's within your financial capacity and capable of creating a desirable corpus value. You can invest by making monthly contributions or a lumpsum contribution.

How much is 1.5 lakh in PPF for 15 years?

What if I invest 5000 in PPF for 15 years?

If you invest Rs. 5000 in PPF for 15 years at an interest rate of 7.1%, you will get Rs. 1,35,607 at maturity.

Is PPF better than FD?

If you are looking for a low-risk investment option with a guaranteed return and a shorter time horizon, a fixed deposit might be a better option. If you are looking for a long-term investment option with the potential for higher returns, a Provident Fund might be a better option.

Which bank is best for PPF?

Can NRI invest in PPF?

Yes, NRIs can invest in PPF under the following conditions: NRIs may invest in the PPF account they opened when they were Resident Indians. They cannot open a new PPF account after assuming Non-Resident Indian status.

Can I have 2 PPF accounts?

No. Only one PPF account can be maintained by an individual, except for an account that is opened on behalf of a minor.

Can I invest more than 1.5 lakh in PPF?

According to PPF rules, an individual can open one account for themselves and one account for each minor child. The maximum contribution allowed is ₹1.50 lakh in total for all accounts.

Can I do PPF for 30 years?

PPF scheme comes with an initial lock-in period of 15 years. Suppose, if you start investing annually in PPF at the age of 30 years, the investment scheme will mature when you turn 45 years old.

Can I do PPF for 10 years?

Long-Term Investment: PPF is a long-term investment scheme with a maturity period of 15 years, which can be extended in blocks of 5 years after maturity. Tax Benefits: Contributions made to a PPF account are eligible for tax deductions under Section 80C of the Income Tax Act in India.

Can I invest 50000 in PPF?

the minimum investment an individual can make is ₹500 while ₹1,50,000 is the maximum limit. any individual or guardian (for minor) is eligible for ppf; however, hindu undivided family (huf) and nris are not eligible. an individual can open only one account in their name.

What happens if I put more than 150000 in PPF?

In other words, this means that you cannot deposit more than Rs 150,000 in a PPF account in a financial year. However, there is no restriction on the number of deposits and you can deposit funds in multiples of Rs 50 in your PPF accout and a minimum of Rs 500 per annum.

Is PPF tax free?

The answer is no to whether PPF interest is taxable or not. PPF falls under the exempt- exempt-exempt (EEE) category. This means, the principal amount, the interest earned and the maturity amount of PPF is completely tax-free.

Is PPF withdrawal taxable?

As per PPF rules provisions, any kind of money received from PPF account is completely tax exempt. It can be withdrawn money amount, PPF maturity amount or PPF account closure amount. However, PPF money received before five years by premature closure or withdrawal is taxed as income.

What are the disadvantages of PPF?

Why is PPF not a good investment?

2) Long lock-in period

Amit Gupta, MD, SAG Infotech said PPF's long lock-in period of 15 years, makes it unsuitable for short-term needs. “Investors might have to consider other solutions if they have any immediate needs," said Khandare.

Why PPF is better than LIC?

Tenure: PPF has a minimum tenure of 15 years. LIC policies have a flexible tenure, which can be chosen by the customer. Returns: LIC policy offers lower returns of about 4 to 6 per cent. On the other hand, the PPF interest rate is 7.1 per cent annually right now.

Which is the best month to pay PPF?

Therefore April is the best month to invest in PPF since that will always give the highest interest. However, over a 15-year period, the difference between investing ₹1.5 lakhs/year and investing ₹12,500/month is only ₹40.68 lakhs minus ₹39.45 lakhs or just ₹1.23 lakhs.

Which brand is best for PPF?

3M: 3M is a well-known brand in the automotive industry and their PPF is one of the most popular choices in India. It is known for its durability and resistance to scratches, chips, and UV rays. Garware: Garware is an Indian company that manufactures a variety of PPFs, including both clear and colored films.

What is the right time to deposit money in PPF?

As per the Public Provident Fund (PPF) scheme rules, the interest on PPF is calculated at the end of balance between fifth and end of the month. Hence, by making a deposit in PPF account on or before fifth of month will help PPF account holder to earn more interest.

Why NRI cannot invest in PPF?

Can NRI have PPF Account in India? Yes, an NRI can have a PPF account in India. However, the PPF account must have been opened while the person was still a resident of India. An NRI can only have a PPF account if they opened it as an Indian resident and prior to becoming an NRI.

Who Cannot invest in PPF?

Any Indian citizen can invest in PPF. One citizen can have only one PPF account unless the second account is in the name of a minor. NRIs and HUFs are not eligible to open a PPF account. However, if they have an existing PPF account in their name, then it shall remain active till its completion date.

Who Cannot open a PPF account?

No a minor can not open a PPF account. However a PPF account on behalf of a minor can be opened by either father or mother. Both the parents cannot open a separate account for the same minor.

Which is better PPF or LIC?

PPF or LIC which is better

The PPF scheme helps you accumulate a guaranteed corpus which is also tax-efficient in nature. In contrast, LIC plans help you provide financial security to your family in case of your premature demise. Thus, the rationale for buying both schemes is different.