What is the latest interest rate of public provident fund? (2024)

What is the latest interest rate of public provident fund?

The current PPF interest rate is 7.1% (Q4 of FY 2023-24), the minimum investment tenure is fixed at 15 years while the investment amount can range between Rs. 500 to Rs. 1.50 lakh in a financial year.

What is the interest rate for PPF 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 current PPF interest rate?

The current PPF interest rate is 7.1% and is compounded annually.

What is the interest rate for PPF for senior citizens?

At present, PPF offers a rate of interest of 7.10 per cent per annum. The government revises the rate of interest on PPF each quarter. After 60 years, EPF investment stops for senior citizens, but they can still invest in the PPF to get high interest. It is also a good option due to its tax saving implication.

How much will I get if I invest 5000 per month in PPF?

The maturity period in PPF is 15 years. If you invest just Rs 5000 a month in PPF, you can built a huge fund of Rs 26.63 lakh.

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.

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.

What will happen if I deposit more than 1.5 lakh in PPF?

The current income tax laws allow maximum tax break of Rs 1.5 lakh per individual per financial year under section 80C of the Income Tax Act. What happens if you invest more than Rs 1.5 lakh? "Amount beyond Rs 1.5 lakh cannot be deposited in the PPF account as the transaction will be rejected at the time of transfer.

Which one is better PPF or LIC?

One needs to take their needs into account before investing in either LIC schemes or PPF. Both schemes offer tax benefits and are low-risk. If the motive of the investment is to create some wealth to beat inflation in the long run, the PPF may be a better choice.

Which bank is best for PPF?

What is the highest PPF interest rate?

Is PPF good for senior citizens?

PPF is a very safe investment instrument for senior citizens who are looking for a long-term option without any liquidity concerns. They can enjoy tax benefits as well. SCSS is an excellent choice for senior citizens who are looking for a regular flow of income by investing a lump sum amount.

What is the best age to invest in PPF?

PPF accounts can be started at any time. Given that there is no age limit to open PPF account, all that matters is that contributions are made at regular intervals of time so as to earn healthy returns in the future.

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.

How much is 1 lakh in PPF for 15 years?

For example, if you make annual payments of Rs.1,00,000 towards your PPF investment for 15 years at 7.1%, your maturity proceeds at the end of 15 years would be Rs. 31,17,276 .

How much will I get in PPF after 15 years?

The PPF amount you will get at maturity will be the sum of the total deposits and the interest compounded annually over 15 years. So say you invest Rs. 500 at 7.1% for 15 years, you will get Rs. 13, 562, which is Rs.

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.

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.

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.

Can I invest 5 lakhs in PPF?

The maximum amount that you can invest in your PPF account in a financial year is Rs. 1.5 lakh. Any amount beyond that will not earn any earning interest and would not be eligible for deductions under Section 80C of the Income Tax Act, 1961.

Which is the best month to start PPF account?

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.

Can I deposit 2 lakh in PPF?

One can deposit a maximum of ₹1.50 lakh in one PPF account during a financial year.