Allahabad Bank PPF or Public Provident Fund is a savings cum tax saving instrument offered in India. The focus of the Allahabad Bank PPF account is to facilitate every Indian citizen to make small savings in the Public Provident Fund (PPF). The most interesting part is it not only offers good returns but also comes with income tax benefits. Nomination facility is available in this account. One can check their PPFs maturity value by using the Allahabad Bank PPF calculator anytime.

What is PPF and how to open it in Allahabad Bank?

A PPF scheme is a great investment method which offers substantial return and tax benefits. One can invest an amount as low as Rs. 500 to a maximum of Rs. 1,50,000 in one financial year. PPF account comes with a lock-in period 15 years, however, anyone can partially withdraw after the completion of 5 years. Not all the branches of Allahabad Bank provide you with the facility to open a PPF account. You can look for a branch that offers you the option of opening the PPF account. One should have a savings account with the Allahabad Bank so you can transfer the PPF subscription amount online. To open the PPF account, you can download Form A from the Allahabad Bank website.

Allahabad Bank PPF Return Calculation Formula

The formula for Allahabad Bank PPF maturity value calculation is given below:

F = P [({(1+i) ^n}-1)/i]

The variables used in the formula represents the following–

  • F is the Maturity of PPF
  • P is the Annual instalments
  • i is the Rate of interest
  • n is the Total number of years

How to Use the PPF Account Calculator of Allahabad?

The maturity value calculation on your Allahabad Bank PPF account takes less than a minute and can be done with a few simple steps:

  • Enter the yearly investment amount or move the slider to adjust the amount
  • Provide the time period ore tenure of the PPF investment.
  • Once you enter the above details, the PPF calculator of Allahabad Bank will automatically calculate the total investment amount, total interest and the maturity value at the end of the investment period

Benefits of Using Allahabad Bank PPF Account Calculator

The PPF calculator is not only easy to use and understand but has certain benefits also:

  • Helps the depositor in making a wise decision on the investment horizon, for how long should the investment be held
  • It helps you to calculate interest on both fixed and variable investment
  • Helps in planning the yearly amount to be invested

Allahabad Bank PPF Account – FAQs

Ques. Is partial withdrawal amount from PPF Taxable?

Ans. No. One of the important aspects of PPF account is along with the maturity amount, the amounts of partial withdrawals are also tax-free.

Ques. What is the minimum lock-in period for PPF account?

Ans. The minimum lock-in is 15 years and the money can be withdrawn in full after its maturity period.

Ques. Can I close my PPF account before the lock-in period?

Ans. You can only close your PPF account prematurely if you have held the account for at least five full financial years. So, before you save money in a PPF account, keep the five years cap in mind.