The PPF Account offered by Bank of Maharashtra is a great method of investment which provides substantial returns and tax benefits as well. The PPF Scheme allows Indian citizens to make contributions to the fund and offers a rebate on income tax under Section 80C of the Income Tax Act as an incentive. One can calculate their PPF returns upon maturity by using Bank of Maharashtra PPF calculator. Individuals who wish to open the account can do so without hassles by downloading the application form online. At present, a PPF account can be opened at 125 BOM branches across India.

What is a PPF and How it Works?

Public Provident Fund is a type of savings scheme which develops the habit of investment and provide savings in small amounts for depositors. The minimum deposit to open a PPF account in Bank of Maharashtra starts from as low as Rs. 500 to a maximum of Rs. 1,50,000 in a financial year. PPF comes with a mandatory lock-in period of 15 years and the interest is compounded annually. Furthermore, one of the key benefits of this scheme is it offers a rebate on income tax under Section 80C of the Income Tax Act to the depositors.

Bank of Maharashtra PPF Calculator

If you are investing your hard-earned money in PPF, then it is imperative to know how is it calculated, I.e. what is the formula to calculate the maturity value of your PPF account.

The formula for BOM PPF maturity value calculation is given below:

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

The variables used in the formula denote the following–

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

How to Use the PPF Account Calculator of BOM?

The PPF calculator of Bank of Maharashtra is an online tool which helps to calculate the maturity value after 15 years on your PPF account. The calculator is very easy to use and takes less than minute to compute the value:

  • Enter the yearly investment amount or adjust the slider to set the amount
  • Enter the time period of the PPF investment.
  • The calculator will instantly calculate the total investment amount, total interest and the maturity value at the end of the investment period

Benefits of Using BOM PPF Calculator

  • The PPF calculator of Bank of Maharashtra provides you with an estimate of the interest you will earn for the principal value invested.
  • This estimation of the returns earned at the end of the investment period helps you know whether your investment aligns with your financial goal or not.
  • Easy to use and saves a lot of time by providing quick results

Bank of Maharashtra PPF – FAQs

Ques. What kind of return I can expect on PPF after 15 years?

Ans. The maturity amount in the PPF account after 15 years depends on the principal amount chosen and the interest earned on it.

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

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

Ques. What is the Interest Rate provided under the PPF scheme?

Ans. The interest rate for PPF is revised by the Central Government of India every quarter. The current interest rate provided on PPF is 7.1% per annum.