Latest PPF interest rate: What is the Public Provident Fund interest rate?
Public Provident Fund (PPF) is highly popular as a fixed income product because of its long-term guaranteed earnings and tax benefits. By contributing small amounts on a regular basis, the PPF scheme enables you to start saving and build a fund that aligns with your financial objectives.
Who can open an account under PPF?
Any resident individual can open an account for himself/herself and on behalf of a Minor or a person of unsound mind as a Guardian.
Irregular PPF accounts: New rules from Oct 1, 2024 for regularisation of 3 types of irregular Public Provident Fund accounts
According to the SBI website, “A Public Provident Fund (PPF) account can be opened by resident Indian Individuals and individuals on behalf of Minors or a person of unsound mind. Only one Public Provident Fund (PPF) account can be maintained by an Individual, except an account that is opened on behalf of a Minor / a person of unsound mind. A Public Provident Fund (PPF) account can be opened either by the Mother or Father on behalf of their Minor Son or Daughter. However, the Mother and Father both cannot open Public Provident Fund (PPF) accounts on behalf of the same Minor.”
PPF Interest rate
PPF offers interest rate of 7.1 % that is fully exempt from tax under Section 80C. This interest rate is for the July-September 2024 quarter.
What if the PPF account holder becomes NRI?
A resident who subsequently becomes NRI during the currency of maturity period prescribed under the Public Provident Fund Scheme, may continue to subscribe to the fund
