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PPF Calculator 2019, PPF Interest Rate – SBI, Post Office, ICICI
PPF Interest Rate in SBI, ICICI, Post office, All Banks
|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.
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Public Provident Fund (PPF)Â account allows you to apply for a loan at any time after two years from the end of the year in which the initial subscription was made.
Public Provident Fund (PPF)Â account allows you to apply for a loan at any time after two years from the end of the year in which the initial subscription was made. You can apply for a loan amount not exceeding above 25% of the amount present in your account at the end of the second year immediately preceding the year in which you apply for the loan. The loan taken under the PPF scheme needs to be repaid either in one lump sum or in monthly instalments up to a maximum period of 36 months. After the principal amount of the loan is fully repaid, you will have to pay the interest on the loan amount in two equal monthly instalments at the rate of 2% (over the prevailing rate) per annum calculated for the loan period.
Here’s what the official Public Provident Fund Scheme 1968 says about PPF loan and repayment
Public Provident FundÂ Scheme 1968 says, ” any time after the expiry of one year from the end of the year in which the initial subscription was made but before expiry of five years from the end of the year in which the initial subscription was made, a subscriber may, if he so desires, apply in Form D or as near thereto as possible, together with his passbook to the Accounts Office for obtaining a loan consisting of a sum of whole rupees not exceeding twenty five per cent of amount that stood to his credit at the end of the second year immediately preceding the year in which the loan is applied for.”