Latest PPF (Public Provident Fund) interest rate for July- September 2024 quarter
Public Provident Fund (PPF) is one of the most popular savings vehicles. Individuals can only keep one PPF account, except an account created on behalf of a minor. Investment in PPF is risk-free since the government backs it, the interest rates are favourable, and many tax breaks allow you to save on income taxes.
PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, NSC, other small savings schemes' rates announced for July-September 2024 quarter
What is the interest rate of PPF?
The Indian government determines the interest rate on PPF, which is subject to change quarterly. The government announced the interest rates for small savings plans for the quarter July- Sept 2024 and it has decided to keep the rates of all schemes unchanged. As of the latest update, the PPF interest rate is 7.1% per year, compounded yearly for the July- September 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.
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.
How are PPF returns calculated?
According to the HDFC Bank website, here are key points you need to keep in mind when calculating your PPF Account’s returns.
The interest on PPF is calculated on a monthly basis.
The lowest
