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.
Below are interest rate and other the key PPF account details:
|Minimum deposit||Rs. 500 in a financial year|
|Maximum deposit||Rs. 1,50,000 in a financial year|
|Loan facility||Available from the third financial year upto sixth financial year|
|Withdrawal||Permissible 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 deduction||PPF deposit qualifies for deduction under Section 80-C of the Income Tax Act and interest earned is also free from Income Tax.|
|Current interest rate||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.
|Period||PPF Interest Rates||Rate Difference (W.R.T Last Rate)|
|1st Jul 2021 - 30 Sep 2021||7.10%||Nil|
|1st April, 2021 onwards||7.10%||Nil|
|1st January, 2021 - 31st March, 2021||7.10%||Nil|
|1st October, 2020 - 31st December, 2020||7.10%||Nil|
|1st July, 2020 - 30th September, 2020||7.10%||Nil|
|1st April, 2020 - 30th June, 2020||7.10%||-0.8%|
|1st January, 2020 - 31st March, 2020||7.90%||Nil|
|1st October, 2019 - 31st December, 2019||7.90%||Nil|
|1st July, 2019 - 30th September, 2019||7.90%||-0.1%|
|1st April, 2019 - 30th June, 2019||8.00%||Nil|
|1st January, 2019 - 31st March, 2019||8.00%||Nil|
|1st October, 2018 - 31st December, 2018||8.00%||0.4%|
|1st July, 2018 - 30th September, 2018||7.60%||Nil|
|1st April, 2018 - 30th June, 2018||7.60%||Nil|
|1st January, 2018 - 31st March, 2018||7.60%||-0.2%|
|01st October 2017 - 26th December 2017||7.80%||Nil|
|01st July 2017 - 30th September 2017||7.80%||-0.1%|
|01st April 2017 - 30th June 2017||7.90%||-0.1%|
|01st January 2017 - 31st March 2017||8.00%||Nil|
|01st October 2016 - 31st December 2016||8.00%||-0.1%|
|01st July 2016 - 30th September 2016||8.10%||Nil|
|01st April 2016 - 30th June 2016||8.10%||-0.6%|
|01st April 2015 - 31st Mar 2016||8.70%||Nil|
|01st April 2014 - 31st Mar 2015||8.70%||Nil|
|01st Apr 2013 - 31st Mar 2014||8.70%||-0.1%|
|01st Apr 2012 - 31st Mar 2013||8.80%||0.2%|
|01st Dec 2011 - 31st Dec 2012||8.60%||0.6%|
|01st Mar 2003 - 30th Nov 2011||8.00%||-1%|
|01st Mar 2002 - 28th Feb 2003||9.00%||-0.5%|
|01st Mar 2001 - 28th Feb 2002||9.50%||-1.5%|
|15th Jan 2000 - 28th Feb 2001||11.00%||-1%|
|01st Apr 1986 - 14th Jan 2000||12.00%||-|
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.
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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.
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.
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.
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%.
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.
You can use the PPF Maturity Calculator for instant online PPF maturity calculation. Here’s an example:
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.
You can use the PPF calculator to calculate the PPF interest by entering the following data. The calculator provides the accurate PPF maturity value.
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.
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.
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:
Once your PPF account matures, you can opt for any of the following options:
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.
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.
You can deposit a minimum of 500 and a maximum of 1.50 Lakhs in the PPF Account in a financial year.
The maximum tenure for a PPF account is 15 years.
Yes, the tenure can be extended in blocks of 5 years as long as you wish.
Yes, nomination facility is available for the 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.
PPF Account can be opened at designated Private Sector and Public Sector banks and also at Post Offices.
Yes, transfer of the account from a bank to a post office and one bank to another bank is permitted.
Yes, a loan can be availed on PPF Account.
No, PPF cannot be closed before maturity. However, part-withdrawal in the account is allowed.