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PPF, short for Public Provident Fund, is a type of saving scheme introduced by the National Saving Institute of the Ministry of Finance that is under the Central Government. A PPF account with Bank of Baroda offers a number of benefits like tax benefits and high-interest rates. Moreover, one can also check the estimated return on the principal amount with the help of BOB PPF account calculator. A Bank of Baroda PPF account cannot be opened online but can be opened at any of the branches of the bank.

How PPF Works?

Public Provident Fund is the most basic type of investment which inculcates the habit of investment and provide savings in small amounts for depositors. One can deposit a minimum amount of Rs. 500 to a maximum of Rs. 1,50,000 in a financial year. PPF has a mandatory lock-in period of 15 years and the interest is compounded annually. This means every year, the depositor gets an appreciation of the deposited amount by means of compound interest which is one of the major benefits of having a PPF account.

BOB PPF Account Interest Rate Calculator

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

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

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

This variables used in the formula represents 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 BOB?

The Bank of Baroda PPF calculator is an online tool which helps to determine the maturity value after 15 years on your PPF account. The calculator is a user-friendly tool and takes less than minute to compute the value:

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

Advantages of Using PPF Calculator

  • No need to perform intricate calculations which can save you a lot of time while choosing the best investment strategy
  • Helps the investor to get an estimate of how much interest can be earned with the given principal amount in hand.
  • One can save a lot from paying hefty tax by using BOB PPF calculator.

Bank of Baroda PPF – FAQs

Ques. What is the eligibility to apply for the PPF scheme?

Ans. Individuals who are above 18 years of age and are Indian residents can open a PPF account. Individuals under 18 years of age can also get PPF account opened in their names with the help of their parents.

Ques. How many deposits are allowed in a PPF account in a financial year?

Ans. You can either make the deposits as a single lump sum amount or in instalments wherein the number of instalments shouldn’t be more than 12 in a year.

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

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

Ques. Can I transfer a PPF account to another office/branch?

Ans. Yes, you can always transfer your PPF account from one branch/office to another.

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