PPF Calculator 2019, PPF Interest Rate - SBI, Post Office, ICICI
PPF Interest Rate in SBI, ICICI, Post office, All Banks
| PPF Account | Details |
|---|---|
| Current PPF interest rate | 8% w.e.f. April 1, 2019 |
| Lock in period | 15 years |
| Minimum Account | Rs. 500 |
| Tax on PPF interest | Nil, tax exempted |
- Interest payable on PPF is fixed quarterly by Ministry of Finance, Government of India from April 1st, 2016.
- Banks offer PPF accounts at the rate fixed by Indian Government. Current PPF interest rates offered by all banks is 8% as applicable from April 1st, 2019.
- PPF calculator calculates the maturity amount and interest earned depending upon the type of investment you make (fixed or variable).
- Check rates and calculate PPF amount online with PPF account calculator.
- You can get loan against PPF account.
PPF Interest Rate 2019
| Period | PPF Interest Rates |
|---|---|
| 1st April, 2019 onwards | 8% |
| 1st January, 2019 - 31st March, 2019 | 8% |
| 1st October, 2018 - 31st December, 2018 | 8% |
| 1st July, 2018 – 30th September, 2018 | 7.6% |
| 1st April, 2018 - 30th June, 2018 | 7.6% |
| 27th December 2017 – 31st March, 2018 | 7.6% |
| 01st October 2017 to 26th December 2017 | 7.8% |
| 01st July 2017 to 30th September 2017 | 7.8% |
| 01st April 2017 to 30th June 2017 | 7.9% |
| 01st January 2017 to 31st March 2017 | 8% |
| 01st October 2016 to 31st December 2016 | 8% |
| 01st July 2016 to 30th September 2016 | 8.1% |
| 01st April 2016 to 30th June 2016 | 8.1% |
| 01st April 2015 to 31st Mar 2016 | 8.7% |
| 01st April 2014 to 31st Mar 2015 | 8.7% |
| 01st Apr 2013 to 31st Mar 2014 | 8.7% |
| 01st Apr 2012 to 31st Mar 2013 | 8.8% |
| 01st Dec 2011 to 31st Dec 2012 | 8.6% |
| 01st Mar 2003 to 30th Nov 2011 | 8% |
| 01st Mar 2002 to 28th Feb 2003 | 9% |
| 01st Mar 2001 to 28th Feb 2002 | 9.5% |
| 15th Jan 2000 to 28th Feb 2001 | 11% |
| 01st Apr 1986 to 14th Jan 2000 | 12% |
Public Provident Fund
PPF or public provident fund is a saving cum tax saving scheme, introduced by National Savings Institute under Ministry of Finance in 1968. The objective of PPF scheme is to encourage savings by offering attractive rate of interest combined with the tax benefits. PPF is one of a very few investment schemes that offer EEE (Exempt, Exempt and Exempt) benefit that triples your tax exemption in the following ways:
- Income tax benefit under Section 80C on invested amount (subject to overall limit of Rs. 150,000/- under 80-C).
- Interest on PPF is 100% tax exempted.
- PPF maturity amount is totally tax exempted.
SBI PPF Account
SBI PPF is a government PPF account scheme, which is distributed through SBI branches, Post Offices and all banks branches in India. Interest rate on SBI PPF is as announced by government quarterly. PPF deposits have a maximum limit of Rs. 1.5 lakh per annum, with a maximum tenure of 15 years. PPF accounts allow the investors to get loans against PPF and also offers tax benefits, nomination facility, and online services to manage PPF accounts. To open an account under SBI PPF Scheme, you are required to visit the nearest branch of the bank that offers this facility, fill the PPF form and carry out the necessary formalities.
How to open PPF account in SBI, Post office, other banks
- You can open PPF account in post office or with nationalized banks or authorized private banks.
- Minimum amount required to maintain PPF account is Rs. 500 per year.
- You can deposit a maximum amount of Rs. 150,000 lacs in your PPF account. Any amount deposited in excess of Rs. 150,000 lacs in a financial year will not earn any interest. You can deposit the amount in lump sum or in maximum of 12 installments in a year.
- Entire amount of PPF can be withdrawn at maturity after 15 years.
- Interest earned on PPF account is tax exempted and principal amount is subject to tax deductions under section 80c of income tax act. Interest rate on PPF is compounded annually.
- Indian residents of age 18 years and above can open PPF account. Only one account per person can be opened.
- PPF account can also be opened in the name of minor. Parents can open PPF account in the name of their children, but grandparents cannot open the account in name of their grandchildren.
- Non- Residents of India are not eligible to open PPF account. However, NRIs of Indian origin who earlier had PPF account can continue their account until the lock in period of 15 years ends.
- Hindu Undivided Family cannot open PPF account but the account opened before 13th May, 2005 can be continued without any further extensions in maturity period.
PPF tax exemption limit
- Your PPF account falls under Exempt, Exempt and Exempt tax basket. Your annual contribution qualifies for tax deductions under Section 80C of income tax. Contribution by your spouse and children in your PPF account also qualifies for PPF tax benefits. Tax concession is capped at Rs. 150,000 of your total income in a financial year.
- Interest earned on PPF account and maturity proceeds are tax exempted too.
How to Transfer a PPF Account?
You can request to transfer your PPF account from one branch to other or post office free of cost. The steps are as follows:
- You can approach the bank where the account is maintained and fill up the transfer form.
- The existing bank will forward the form, account opening application, nomination form, specimen signature and cheque/ dd for balance amount in account to new bank or branch specified by you.
- Once the new branch receives the documents, they may ask you to submit new application form along with your old pass book. You can also give name of a new nominee. You are also advised to submit KYC documents.
- After few weeks, you can check the status online. If it is not updated under PPF account then you must enquire with local branch.
PPF Calculator
PPF calculator is an online financial tool that performs various calculations related to your PPF account. This calculator helps you to calculate the PPF account interest rate earned on your investment and the maturity amount after 15 years.
How does PPF calculator work?
- PPF calculator calculates the interest for every year on the basis of initial details given by you. You are required to choose the type of deposit (fixed amount or variable) and the amount deposited every year.
- It is assumed that you are depositing the amount on 1st April every year. Then the interest is calculated for financial year based on the prevailing market rate.
- PPF interest calculator also gives you an estimate about the total amount of investment made by you till a particular year.
Frequently Asked Questions on PPF
The maturity period of PPF account is 15 years from the date of opening. Thereafter, you can extend its maturity by submitting an application. You can extend your PPF account for a block of five year.
- PPF Maturity and withdrawal Options
- Extension of your PPF account tenure with contribution
Withdrawal from PPF is allowed after completion of 7 years from date of first deposit subject to maximum of 50% of the money available in the account. Complete withdrawal can be done only after the maturity or on demise.
In this option, you can extend your PPF account for a five year block by submitting Form H in bank within one year from the date of maturity. You can deposit money during the tenure. After completion of five year you can again apply for extension as there is no limit in the number of extensions.
However, you can withdraw only 60 percent of your account balance at the beginning of the extension period. The withdrawal is restricted to one time in a financial year.
- You can avail loan from your PPF account between third and sixth financial year of opening account.
- The loan amount is restricted to 25% of the balance at the end of second year preceding the year in which loan is applied for. E.g. If a loan is applied in 2015-16 then 25% of balance at the end of 2013-14 can be taken as loan.
- No loan can be taken from seventh year of opening the account as you become eligible for partial withdrawal.
- The loan amount is repayable in lump sum or in two or more monthly installments within 36 months period.
- After the principal amount is repaid, interest on loan taken from PPF account is repayable in not more than two monthly installments.
- Interest on loan is charged 2% more than the interest earned on deposits made in PPF account. For example, if interest earned on PPF account is 8 % than interest charged on loan will be 10%.
- If you fail to repay the loan within 36 months, 6% extra interest than normal interest will be charged and the amount will be debited from your PPF account at the end of each financial year.
- You can take second loan after repaying the first one.
You must deposit minimum Rs. 500 every year to maintain your PPF account. If you fail to deposit the minimum amount, your PPF account will be deactivated and penalty will be charged. To reactivate your PPF account you need to pay penalty of Rs. 50 for each inactive year and Rs. 500 as each inactive year’s contribution.
In case of your demise, the amount will be handed over to your legal nominee even before maturity. Your legal nominee is not eligible to continue your account.
In case, balance in your PPF account is more than Rs. 150,000 then your nominee will have to prove his/her identity to claim the amount.
The Public Provident Fund Scheme, 2016 made an amendment in PPF Scheme, 1968 to facilitate premature closure of PPF account. You can opt for premature closure of your PPF account after completion of 5 years for medical treatment of family member and for your higher education. In case of premature closure, you are required to pay 1% of your balance amount as penalty to bank.
- PPF Account in Post offices
- Allahabad Bank
- Axis Bank
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- HDFC Bank PPF
- ICICI Bank PPF
- IDBl Bank
- Indian Bank
- Indian Overseas Bank
- Oriental Bank of Commerce
- Punjab National Bank
- SBI PPF
- Union Bank of India
- United Bank of India
EPF is a special mandatory savings scheme only for salaried employees working in government and private sector subject to certain thresholds. Current EPF interest rates for FY 2018-19 are 8.65% which was 8.55% earlier. Non salaried individuals such as businessmen, self employed professionals are not covered under EPF. The EPF scheme may be run by the respective employer through its own trust or by way of depositing the contributions with EPFO, a government run body that manages EPF money. A salaried person who is covered under EPF is eligible to also open a PPF account.
