PPF Interest Rate

The Public Provident Fund (PPF) is a kind of a savings scheme that provides interest on the PPF balance. The PPF interest rate has been constantly fluctuating for the last few years and has been reducing since 2016. The current interest rate for PPF (as on 25.09.2021) is 7.10%. Earlier, the PPF account interest rate was decided on a yearly basis or as per requirement. Now, since April 2017, the interest rates are declared on a quarterly basis.


Current PPF Interest Rate

Below are interest rate and other the key PPF account details:

Minimum depositRs. 500 in a financial year
Maximum depositRs. 1,50,000 in a financial year
Loan facility Available from the third financial year upto sixth financial year
WithdrawalPermissible every year from seventh financial year
Account maturity On completion of 15 financial years 
Account extension Extension allowed after maturity for any number for a block period of 5 years with further deposits.
Tax deductionPPF deposit qualifies for deduction under Section 80-C of the Income Tax Act and interest earned is also free from Income Tax.
Current interest rate7.10%

PPF Interest Rate Sep 2021 is 7.10%

Below is the table for current PPF interest rate, including PPF interest rate 2020 21. To know how much savings you can build with your PPF account in the future, you can use the PPF calculator available online.

PeriodPPF Interest RatesRate Difference (W.R.T Last Rate)
1st Jul 2021 - 30 Sep 20217.10%Nil
1st April, 2021 onwards7.10%Nil
1st January, 2021 - 31st March, 20217.10%Nil
1st October, 2020 - 31st December, 20207.10%Nil
1st July, 2020 - 30th September, 20207.10%Nil
1st April, 2020 - 30th June, 20207.10%-0.8%
1st January, 2020 - 31st March, 20207.90%Nil
1st October, 2019 - 31st December, 20197.90%Nil
1st July, 2019 - 30th September, 20197.90%-0.1%
1st April, 2019 - 30th June, 20198.00%Nil
1st January, 2019 - 31st March, 20198.00%Nil
1st October, 2018 - 31st December, 20188.00%0.4%
1st July, 2018 - 30th September, 20187.60%Nil
1st April, 2018 - 30th June, 20187.60%Nil
1st January, 2018 - 31st March, 20187.60%-0.2%
01st October 2017 - 26th December 20177.80%Nil
01st July 2017 - 30th September 20177.80%-0.1%
01st April 2017 - 30th June 20177.90%-0.1%
01st January 2017 - 31st March 20178.00%Nil
01st October 2016 - 31st December 20168.00%-0.1%
01st July 2016 - 30th September 20168.10%Nil
01st April 2016 - 30th June 20168.10%-0.6%
01st April 2015 - 31st Mar 20168.70%Nil
01st April 2014 - 31st Mar 20158.70%Nil
01st Apr 2013 - 31st Mar 20148.70%-0.1%
01st Apr 2012 - 31st Mar 20138.80%0.2%
01st Dec 2011 - 31st Dec 20128.60%0.6%
01st Mar 2003 - 30th Nov 20118.00%-1%
01st Mar 2002 - 28th Feb 20039.00%-0.5%
01st Mar 2001 - 28th Feb 20029.50%-1.5%
15th Jan 2000 - 28th Feb 200111.00%-1%
01st Apr 1986 - 14th Jan 200012.00%-

Banks Offering PPF Account

Currently, there are many banks in India that offer PPF account facility, including SBI PPF account, Bank of Baroda, ICICI Bank, Bank of India, Axis Bank, Indian Overseas Bank, Canara Bank, HDFC Bank, and so on. You can check SBI PPF interest rate and other banks’ PPF account interest before opening the account. To calculate your future savings, you can also use the Post Office PPF Calculator.

Additional Info: Check Best short-term investment plan with high returns in India.

SBI PPF Account

You can open a SBI PPF Account with SBI. The account can fetch you an SBI PPF account interest rate of 7.10% per annum. There is no difference in the interest rate on PPF accounts of banks. State Bank of India PPF interest rate is the same like other banks as it is a government scheme and the rates are decided by the government only. You can use PPF Calculator SBI to calculate your savings beforehand.  

ICICI Bank PPF Account

Open a PPF account with ICICI. The ICICI PPF interest rate is 7.10% per annum. To calculate your savings beforehand, you can use the PPF Calculator ICICI available online. If you compare PPF interest rate SBI vs ICICI, there is no difference as both the banks offer the same rate.

HDFC PPF Account

You can open a PPF account with HDFC Bank. The interest rates PPF can fetch you is 7.10% p.a. For getting an idea about how much you can save with the PPF account, you can make use of the PPF Calculator HDFC available online. The PPF account calculator gives you accurate details of your future savings.

India Post Office PPF Account

If you are looking to open a savings deposit that can fetch you a lucrative interest amount, you can open a PPF Account in post office. The Public Provident Fund of PPF is one of the most popular and safest saving schemes in India. It is managed by the Central Government of India and that’s why the money in the PPF account and returns on it are guaranteed. You can open a PPF account with a minimum investment of just Rs. 500 per financial year. PPF interest and investment also offer the best tax benefits as they fall under the EEE (Exempt-Exempt-Exempt) category. This means that the money invested in PPF in a year is exempted from your taxable income under Section 80C for that year. Also, the post office PPF interest rate earned on your deposits and the accumulated amount are tax free. The PPF ROI is set and paid by the government every quarter. The current PPF interest rate 2021 for the first quarter of the year 2021-22, (from 1st July to 30th September 2021) is 7.1%.

PPF Interest Calculator

If you are making investments in PPF, you would like to know about how much savings you can do during the investment tenure. With the PPF Interest Calculator, you can conveniently calculate the year-wise returns on your PPF account over a predetermined period. Since the PPF interest rate in India, maturity, taxation, and withdrawal policies are set by the government, you don’t need to use separate bank-wise calculators, such as PPF Account Calculator SBI, PNB PPF Calculator, PPF Interest Rate Calculator of ICICI Bank, Indian Postal PPF Calculator, HDFC PPF Calculator, etc.

PPF Maturity Calculation

You can use the PPF Maturity Calculator for instant online PPF maturity calculation. Here’s an example:

  • Frequency of investment: Quarterly
  • Quarterly deposit amount: Rs. 5,000
  • Current rate of interest: 7.10%
  • Duration or tenure of investment: 15 years
  • PPF maturity amount using the calculator: Rs. 5,42,428

PPF Tax Benefits

You can avail deductions or tax benefits for the money deposited in the PPF scheme under Section 80C of the Income Tax Act. The contributions made by you to the PPF accounts of your spouse and children are also eligible for tax deduction under the same section. PPF comes under the EEE or Exempt-Exempt-Exempt category of the tax policy which means that the principal amount, maturity amount, and the accumulated interest are exempted from taxes.

How is PPF Interest Calculated?

You can use the PPF calculator to calculate the PPF interest by entering the following data. The calculator provides the accurate PPF maturity value.

  • Tenure: PPF account tenure can be minimum 15 years to maximum 50 years with the option of extension in blocks of 5 years.
  • Deposit or payment frequency: You can choose the payment frequency as monthly, quarterly, half-yearly, or annually. In the case of the quarterly payment option, deposits made every quarter, for half yearly payment needs to be made twice each year, and so on.
  • Amount of deposit: This is the amount that has to be deposited in the PPF account as per the deposit frequency chosen by you. For instance, if the deposit amount is Rs. 2,000 and the deposit frequency is quarterly, the total PPF deposit to be made each year will be Rs. 8,000 and automatically.
  • Rate of interest: This is the PPF intrest rate of return that you can expect on your investment. The current PPF interest rate 2021-22 is 7.10% p.a.

What is a PPF Calculator?

The PPF Calculator is a tool that helps you calculate the public provident fund interest online. Using the PPF Calculator, you can instantly calculate the PPF returns year-wise that you can earn by contributing to your PPF account for a predetermined period with a specific frequency. Since the PPF interest rate in all banks, maturity, taxation, and withdrawal guidelines are set by the government, you don’t need to use separate bank-wise calculators.

PPF Interest Rate FAQs

What is the PPF tax exemption limit?


Under Section 80C, an individual can claim a maximum deduction of Rs. 1.5 lakhs each year including all investment instruments. The PPF account also offers other tax benefits. The post office PPF account interest rate amount earned through PPF deposits are tax-free as well and the wealth tax is not applicable on PPF accounts and proceeds.

How to transfer a PPF account?


You can transfer your PPF account from the post office to a bank or from one bank to another. For that you need to follow the steps mentioned below:

  • Submit a PPF transfer application form along with your current PPF passbook at your current post office or bank branch. 
  • Mention the address of the bank’s branch where you want to transfer the PPF account in your application form. 
  • Keep a copy of your PPF passbook for proof of past transactions when submitting it to your current post office or bank branch. 
  • Request the receipt from the bank/ post office of the transfer order. 
  • After that your transfer application form, current PPF passbook, a verified copy of the PPF account and signatures, nomination information, a cheque/ demand draft with remaining balance will be sent to the bank by the current post office or bank branch defined in the application form. 
  • You will be informed once the new bank branch accepts your PPF account transfer request with the documents. 
  • If there is any change that you want to make, you have to submit a form for new PPF account opening and nomination specifics with the bank branch where you are going to transfer. 
  • The KYC has to be done by you. For that, submit your PAN copy, address proof, and identity proof to complete the KYC authentication. 
  • Transferring the PPF account may take up to a month. 
  • The process takes just up to seven working days if you only want to switch the bank branch to a different location and stay investing in PPF in the same bank. For that, you need to submit an application form to your current branch requesting for a branch change.

What is the eligibility criteria to open a PPF account?

  • Any Indian resident can open a PPF account on their own behalf and/or on behalf of a minor of whom they are the guardian.
  • No joint PPF accounts are allowed.
  • Non Resident Indians (NRIs) cannot open a PPF account. However, an Indian resident who becomes an NRI during the tenure of 15 years of Public Provident Fund Scheme can continue to invest until its maturity on a non-repatriation basis or close the account.
  • One individual can open only one PPF account.

What can I do after PPF maturity?


Once your PPF account matures, you can opt for any of the following options:

  • Close your PPF account and withdraw your money. You can withdraw all your money and close the account after a mandatory tenure of 15 years. 
  • Extend your PPF account without making fresh contributions. You can extend your account for a block of 5 years without any additional contributions.
  • Extend your account by making fresh contributions. For this, you have to notify the post office/ bank that you want to continue your PPF account with new contributions. You must have to fill in Form H along with a minimum deposit of Rs. 500.

Is PPF interest the same in all banks?


Yes. As the PPF return rate or interest rate is decided by the Indian government, it is fixed and same for all banks. SBI Bank PPF interest rate will be the same as PNB PPF interest rate or interest rate in other banks.

How to open a PPF account?


You can open a PPF account online as well as offline with a bank or post office. For opening a PPF Account, you need to submit some documents, including identity proof (Voter ID, PAN Card, or Aadhar Card), residence proof, passport size photographs, pay-in-slip available at the bank branch or post office, and a nomination form.

What are the minimum and the maximum that can be deposited in a PPF Account?


You can deposit a minimum of  500 and a maximum of  1.50 Lakhs in the PPF Account in a financial year.

What is the tenure of a PPF Account?


The maximum tenure for a PPF account is 15 years.

Can the tenure be extended after the lock-in period of 15 years?


Yes, the tenure can be extended in blocks of 5 years as long as you wish.

Is nomination facility available for the PPF Account?


Yes, nomination facility is available for the PPF Account.

Who can open a PPF Account?


A PPF Account can be opened by Resident Indians. NRIs are not eligible to open the account. However, if a resident has opened the account before the change of status, the same can be continued until maturity. A parent/legal guardian can open a PPF Account on behalf of the minor.

Where can the PPF Account be opened?


PPF Account can be opened at designated Private Sector and Public Sector banks and also at Post Offices.

Is transfer of the account from a bank to a post office and one bank to another bank permitted?


Yes, transfer of the account from a bank to a post office and one bank to another bank is permitted.

Can a loan be availed on a PPF account?


Yes, a loan can be availed on PPF Account.

Is premature closure of a PPF Account allowed?


No, PPF cannot be closed before maturity. However, part-withdrawal in the account is allowed.