Are you looking for a long term investment plan with multiple benefits? Opt for the Public Provident fund (PPF) that not only offers tax exemption on principal but also on the interest earned. Axis Bank’s Public Provident Fund (PPF) scheme is one of the most efficient investment methods that provide great return and tax benefits. Minimum investment starts from as low as Rs. 500 and the maximum investment is Rs. 1,50,000 in a financial year. Axis Bank is one of the authorized banks to open a PPF account. Moreover, you can also enjoy loan facilities and partial withdrawals. In any point of time, if you wish to check your returns on PPF, you can use theAxis Bank PPF Calculator. You can also check your balance, transfer funds and view mini statements online, anywhere and anytime!

What is a PPF scheme and How is the Calculator Beneficial?

PPF, short for Public Provident Fund, is a long-term fixed-income savings scheme offered by the Government of India. Under this scheme, one can avail tax benefits as well as fixed and guaranteed returns as it is one of the tax-saving instruments under Section 80C of the Income Tax Act. The tenure of the PPF is 15 years and the account cannot be closed prematurely except on certain grounds. However, the depositor is allowed to withdraw a part of their money after the completion of five years. You can withdraw 50% of your balance as at the end of the preceding financial year. The Axis PPF calculator proves to be of great help if you are thinking or already have a PPF account as it provides an estimation of how much interest can be earned with the given principal amount in hand.

Axis Bank PPF Calculation Formula

PPF returns on an Axis Bank PPF account can be calculated with the help of following formula:

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

This formula represents the following variables –

F – Maturity of PPF

– Annual instalments

i – Rate of interest

n – Total number of years

How to Use the PPF Calculator for Axis Bank?

You can calculate the maturity value on your PPF account with some very simple steps and in a hassle-free manner:

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

Advantages of Using Axis PPF Calculator

It is always beneficial to use a PPF calculator if you are thinking to invest in any Bank’s PPF scheme. Some of the key benefits are:

  • The calculator makes sure you choose the right investment amount.
  • It shows you the total invested amount as per the tenure.
  • Calculates the total interest amount earned upon maturity of the PPF account.
  • Helps an investor to make an informed decision on how long should the investment be held to achieve the investment goal

Frequently Asked Questions

Ques. What is the maximum number of contributions that one can make in a PPF account annually?

Ans. A maximum of 12 contributions in a year can be made, which are not related to the months.

Ques. Can a PPF account be closed before maturity?

Ans. Yes. But only after it has completed 5 financial years on the following grounds:

  • Higher education of your children
  • Serious illness of your spouse, children, or yourself.

Ques. Does a PPF account provides loan facility?

Ans. Yes. You can avail loan against your PPF account from the 3rd financial year up to the 6th. The maximum loan amount is capped at 25% of the available funds.

Ques. Can NRI invest in PPF?

Ans. As per a recent notification by the Government of India, NRIs will no longer be able to open a new Public Provident Fund (PPF) account.