What is the benefit of PPF account in post office?
Public Provident Fund (PPF) is a retirement savings scheme offered by the Government of India with the aim of providing a secure post-retirement life to everyone. The minimum deposit you must make in the account per financial year is Rs. 500 and it can go up to Rs. 1.5 lakh.
What are the documents required for opening a PPF account in post office?
Documents required to open a PPF account in a post office The Permanent Account Number (PAN) Card. The address proof of the individual such as Aadhaar card, Driving Licence, Passport, etc. must be submitted. The ID proof of the individual such as Aadhaar Card, Passport, Driving Licence, Voter’s ID must be submitted.
Is there any PPF account in post office?
Open PPF offline through post office and passport size photograph. An initial deposit of INR 500 is required via cheque/draft for account opening. Initially, individuals are allowed to make a maximum deposit of INR 70,000. However, the maximum deposit allowed in a financial year is up to INR 1.5 lakhs.
Is Post Office PPF better than banks?
In the post office’s five-year National Savings Certificate, you will get 6.8 per cent interest more than the bank FD. You can also invest money deposited in bank FD in PPF account. At present, an interest of 7.1 per cent is available in it. However, the money invested in PPF will go into the lock-in mode of 15 years.
What is better PPF or FD?
FD is better than PPF because of its more flexible attributes and it is better than RD because it offers higher interest rates. Among RD, FD and PPF the best instrument for investing your money is different for every customer.
How much I will get in PPF after 15 years?
PPF Calculation Examples for Different Investment Tenures
| Investment Period | Total PPF Investment | Total Interest Earned |
|---|---|---|
| 15 years | Rs. 1.5 lakh | Rs. 1.4 lakh |
| 20 years | Rs. 2 lakh | Rs. 2.88 lakh |
| 30 years | Rs. 3 lakh | Rs. 9 lakh |
Where should I open PPF account bank or post office?
Yes, opening PPF account at a post office is as safe as opening an account with an authorized bank. You can view your account balance, make online deposits, etc. conveniently by using the IPPB app.
What is the current PPF rate?
7.1%
The current PPF interest rate is 7.1% and compounded annually. PPF is backed by the Government of India and it offers a guaranteed risk-free return….PPF Interest Rate 2021.
| Financial Year | Time Period | Interest Rate [p.a] |
|---|---|---|
| 2019-2020 | July 2019 – September 2019 | 7.90% |
| 2019-2020 | April 2019 – June 2019 | 8.00% |
| 2018-2019 | January 2019 – March 2019 | 8.00% |
Which bank has highest PPF interest rate?
Banks offer PPF accounts at the rate fixed by Indian Government. Current PPF interest rates offered by SBI, ICICI and all banks is 7.10% as applicable from 1st Jul 2021.
How does the post office PPF account calculator work?
The PPF account calculator for Post Office provides an estimate of interest earned, maturity value for a given amount invested and investment period. This estimation of the returns earned at the end of the investment period helps you know whether the investment option chosen matched with your financial goal or not.
Can a minor open a PPF account at the post office?
Minor PPF account can be opened at a post office by a parent/guardian on behalf of a minor child. This too is restricted to one minor PPF account per child Non-residents are not allowed to open a new PPF account.
How to calculate post office public provident fund?
Post Offices offer hassle-free ways of investing in Public Provident Fund. One can also calculate how much their PPF contribution would have grown to use the Post Office PPF calculator. What is PPF and How it Works?
Who is eligible to open PPF account in India?
Any resident Indian including salaried, self-employed, pensioner, etc. can open a PPF account at a post office. The total number of PPF accounts including post office PPF account that an individual can open is restricted to one and joint operation is not allowed.