What is the PPF interest rate for July-September quarter of FY 2023-24

economictimes.indiatimes.com:

Public Provident Fund (PPF) interest rate for the July-September quarter of FY 2023-24 has been kept unchanged at 7.1 per cent. The finance ministry made this announcement via a circular issued on June 30, 2023.The interest rates of schemes like the 1-and 2-year post office time deposit, 5-year recurring deposits have been hiked, for the second quarter of the current fiscal. PPF, also known as the Public Provident Fund, is one of the most well-liked investment options in India. The popularity of PPF can be attributed to a number of factors, including guaranteed returns, tax advantages on the amount invested, and tax-free returns.

PPF investments are eligible for Exempt-Exempt-Exempt status, or EEE. On the amount invested, PPF offers exemption. Under Section 80C of the Income Tax Act, PPF investments are eligible for tax deduction benefits. Another exemption is applied to PPF account interest, which is not subject to tax. The proceeds from the PPF account's maturity are subject to the third exemption. A PPF account is exempt from Wealth Tax and Capital Gains Tax on all maturity proceeds.

Small saving schemes: Interest rates of these post office schemes hiked by up to 30 bps for July-September quarter

In accordance with current PPF regulations, the account must receive a minimum annual deposit of Rs. 500 to remain active. PPF now only permits annual contributions of up to Rs. 1.5 lakh. The maximum annual contribution of Rs. 1.5 lakh is, however, liable to change from time to time. According to the SBI website, “The subscriber should not deposit more than Rs.1,50,000 per annum as the excess amount will neither earn any interest nor will be eligible