15
7.10%
We use cookies to improve your journey and to personalize your web experience. By continuing to use this site, you are accepting the bank’s cookie policy. I Accept
Banking is now at your fingertips with Axis Mobile! Give a missed call to 8422992272 to receive the download link for Axis Mobile via SMS
Looking for long-term investment plus tax-savings? Opt for Public Provident Fund (PPF) which gives tax benefits on the principal invested, interest earned and maturity amount. Additionally, you get guaranteed risk-free returns, with the option for partial withdrawal of your PPF corpus or availing a loan against it. You can also check your balance, transfer funds and view mini statements online, anywhere, anytime!.Using the PPF Calculator you can find out how much the amount will be at maturity - investment plus interest. You can select the amount you want to invest and the number of years you want to invest.
Public Provident Fund Account or PPF Account is a government-sponsored savings scheme that offers stable and fixed returns, long-term investment opportunity and tax benefits. It is a secure investment that may be used for long-term needs such as children’s higher studies or your retirement corpus.
Benefits of PPF include guaranteed and fixed returns; tax benefits at the time of initial investment, interest accrual and withdrawal and opportunity to invest for the long term.
The interest rate on PPF is announced by the government every quarter. It is linked to the rates on government securities and changes accordingly. The interest on the PPF is calculated based on your balance in your account before the fifth of every month. So ideally, make your deposit before the fifth of the month to get maximum benefit. Any deposit made after that will not earn interest for that particular month. Currently, the rate on PPF is 7.1% for the July to September quarter of 2020.
The lock-in period is 15 years, and it can be extended in blocks of five years indefinitely. There is the option of partial withdrawal after 5 years, subject to conditions.
The minimum investment amount to start investing in PPF is Rs 500.
That will depend on how much you have invested and the interest rate.
Yes. The investment in PPF up to Rs 1.5 lakh annually, the interest earned and the maturity amount are all tax-free.
It is linked to the rates on government securities and changes accordingly. It is announced by the government every quarter.
The maturity period is for 15 years from the end of the financial year when the first investment is done. For instance, if you made the first investment in June 2020, then your first full year of investment would be April 2021 to March 2022 and your account would mature in March 2036.
If you miss making your contribution for a year, account will become dormant. You can make it active by paying minimum contribution of Rs. 500 and penalty of Rs. 50 for each year you missed making a contribution.
Yes, you can invest in PPF online. For investing online, Axis Bank customers can visit Axis Bank Website (www.axisbank.com/ppf) and apply for PPF.
No. There can be only one PPF account per subscriber. But you can open a PPF account in your minor child’s name.