SBI PPF Calculator
| City | Customer Care Number |
|---|---|
| Pune | 1800112211 / 18004253800 |
| Chennai | 1800112211 / 18004253800 |
| Mumbai | 1800112211 / 18004253800 |
| Kolkata | 1800112211 / 18004253800 |
| Delhi | 1800112211 / 18004253800 |
| West Bengal | 1800112211 / 18004253800 |
| Assam | 1800112211 / 18004253800 |
| Andhra Pradesh | 1800112211 / 18004253800 |
| Madhya Pradesh | 1800112211 / 18004253800 |
| Lucknow | 1800112211 / 18004253800 |
| Jaipur | 1800112211 / 18004253800 |
| Surat | 1800112211 / 18004253800 |
| Rajasthan | 1800112211 / 18004253800 |
| Bihar | 1800112211 / 18004253800 |
| Uttar Pradesh | 1800112211 / 18004253800 |
Who is eligible to open a PPF account with SBI?
Any individual who is a resident of India is eligible to open a PPF account with SBI.
What is the maximum amount that can be invested in a PPF account?
The maximum amount that can be invested in a PPF account in a financial year is Rs. 1.5 lakh.
What is the current interest rate on SBI PPF accounts?
The current interest rate on SBI PPF accounts is 7.1% per annum (as of April 2023).
Are there any tax benefits for investing in SBI PPF?
Yes, investments in SBI PPF are eligible for tax deductions under section 80C of the Income Tax Act.
What are the withdrawal rules for SBI PPF accounts?
Partial withdrawals from a PPF account are allowed after completion of the sixth financial year from the date of opening the account. The account can be closed after completion of 15 years
SBI Public Provident Fund (PPF) is a Government-Backed Scheme launched by the National Savings Institute. The interest on PPF is announced every quarter by the Ministry of Finance. For the current quarter SBI PPF interest rate is 7.1%. Interest and wealth accumulated on PPF can be estimated using SBI PPF Calculator.
What is an SBI PPF Calculator
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What is the Public Provident Fund (PPF)?
Public Provident Fund (PPF) is a long-term investment saving scheme that offers several benefits to investors like Government-backed returns, benefits under the Income Tax Act, loan facility, partial premature withdrawal, etc. Investors use it to build their retirement corpus by contributing a fixed amount every month or in lump-sum. PPF has a 15-year lock-in period.
PPF works on an Exempt-Exempt-Exempt (EEE) tax-saving model. The contribution made by the investors is allowed as a tax deduction under section 80C of the Income Tax Act. Furthermore, the interest earned and the maturity proceeds are also exempt from tax at the time of withdrawal
SBI PPF Interest Rate 2023
The PPF account interest is paid on the amount standing in the investor’s account. The PPF rate of interest is reviewed by the Ministry of Finance. The Government of India revises the PPF interest rate every quarter and over the past several years the return has been witnessing a downtrend. The current SBI PPF interest rate is 7.10% p.a. for April 2023. Plan|@Rs. 30,22,400 as lump sum at the end of 20 years, for a 30 years old healthy
What is PPF Calculator?
PPF calculator is basically an online financial tool that can help you find out your maturity amount along with the interest earned on your initial investment. With the PPF amount calculator, you can keep track of the growth of your investment. Not every one of us can handle complicated calculations to arrive at the maturity amount. If you are planning to invest in PPF and don’t know how much to invest or how much returns you may get, using an online PPF calculator can be beneficial.
How PPF Calculator Works?
A PPF calculator works based on the mathematical formula to calculate the returns and interests earned on one’s investment. Using them is very easy. Most calculators have a user-friendly interface. However, if you are new to using online calculators, here is a quick step-by-step procedure to use a PPF interest calculator: Step 1: Visit the online PPF calculator website of your choice.
Step 2: Fill in all the details asked, including your initial investment and interest rate. Step 3: The total maturity amount will be displayed on the screen within a few seconds. It should be noted that if an individual deposits the amount on the 1st of April, then the interest earned will be calculated based on the financial year.
SBI vs ICICI vs HDFC vs PPF FD Rates 2023:
Here's Comparison of Latest Fixed Deposit Interest Rate © Provided by Zee News New Delhi: Banks have constantly increased the interest rates on their deposits, making them more appealing, as the Reserve Bank of India (RBI) has increased the repo rate by 2.25 percent since May of this year. The government increased interest rates for a few small savings plans for the current quarter, which runs from January to March 2023. Following is a short comparison of the interest rates offered by SBI, HDFC Bank, ICICI Bank, PPF, SCSS, POTD, and Sukanya Samriddhi Yojana fixed deposits (SSY).
Monthly Income Scheme (POMIS) and the Senior Citizens' Saving Scheme (SCSS) have both been raised by 50 percent as part of Union Budget 2023, offering seniors the chance to potentially enhance their interest income by 100 percent if fully invested.
For normal people, SBI offers interest rates between 3 percent and 6.75 percent, and for senior citizens, between 3.5 percent and 7.25 percent. The duration will be between seven and ten days.
For regular people, HDFC offers interest rates ranging from 3 percent to 7 percent, and for senior citizens, from 3.5 percent to 7.75 percent. The duration will be between seven and ten days.
For normal people, ICICI offers interest rates between 3 percent and 7 percent, and for senior citizens, between 3.5 percent and 7.5 percent. The duration will be between seven and ten days.
A popular long-term investment option is the Public Provident Fund. The government has set the interest rate for this quarter at 7.1 percent annually (compounded yearly). The PPF has a 15-year term that may be extended.