PPF Interest Rate: A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be invested annually in the PPF scheme. This investment can be made on a lump sum or installment basis.
PPF Interest Rate: If you invest in the popular Public Provident Fund (PPF), then this news is of use to you. Actually, the central government has announced the interest rates of small savings schemes for the upcoming quarter. Let us know what has been decided on the interest rate of PPF.
First of all know about PPF scheme
A minimum of Rs 500 and a maximum of Rs 1.5 lakh can be invested annually in the PPF scheme. This investment can be made on a lump sum or installment basis. However, a person is eligible for payment of only 12 annual installments in a PPF account. Investment has to be made every year in a PPF account to ensure that the account remains active. Let us tell you that there is a lock-in period of 15 years on investment in PPF account, before which the money cannot be withdrawn completely. If required, investors can opt to extend the PPF lock-in period up to 5 years after the PPF lock-in period ends.
Loan facility
Loan facility can be availed against PPF investment amount. However, the loan will be given only if it is availed any time between the beginning of the third year to the end of the sixth year from the date of activation of the account. The maximum period for such loan against PPF is 36 months.
Who can open an account
Indian citizens residing in the country are eligible to open a PPF account in their name. Minors are also allowed to open a Public Provident Fund account in their name, provided it is operated by their parents. Non-resident Indians are not allowed to open a new PPF account.
Interest on PPF account
The government has not made any change in the interest rate of the popular Public Provident Fund (PPF) for the next quarter. The interest rate remains stable at 7.1 percent as before.
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