Latest PPF interest rate: Was Public Provident Fund rate hiked for April-June 2024 quarter?
The Public Provident Fund (PPF) is one of the most popular savings instruments. Note that only one PPF account can be maintained by an Individual, except an account that is opened on behalf of a minor.
PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi and other small savings schemes' rates announced for April-June quarter; check here
PPF is one of the few investment products that benefit from the triple tax exemption, often known as the exempt-exempt-exempt (EEE) designation. This implies that tax breaks are provided at the time of investment, accrual, and withdrawal.
What is the interest rate of PPF?
The Indian government determines the interest rate on PPF, which is subject to change quarterly. As of the latest update in 2024, the PPF interest rate is 7.1% per year, compounded yearly for the April-June 2024 quarter.
PPF tenure
The PPF account tenure is 15 years and the lock-in period for the account is 15 years. PPF deposits range from Rs 500 up to Rs 1.5 lakh per financial year.
PPF taxation
Deposits to a PPF account are exempted from taxation up to a maximum of Rs 1.5 lakh in an FY under section 80C of the Income Tax Act, 1961.
Who can not open an account under PPF
PPF accounts cannot be opened in the names of HUF, Trusts, or NRI.
If a resident becomes a non-resident Indian within the Public Provident Fund Scheme's maturity period, they can continue to subscribe until maturity on a non-repatriation basis.
What is the process for transferring my existing Public Provident Fund (PPF) account
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