Public Provident Fund (PPF) is an investment scheme offered by the Government of India through centralised public and private sector banks. This scheme was launched by the National Savings Institute of the Ministry of Finance in 1968. Interest rate of PPF is revised every quarter by the Government. Currently, the prevailing rate of interest is 7.1%.
SBI is one of the banks offering PPF to customers and non-customers. Both minors and adults can open a PPF account with SBI and start saving. Using an SBI PPF calculator makes it easier for you to calculate your returns based on the available rate of interest and tenure.
PPF requires you to invest a minimum amount each year until the investment matures. You may prematurely withdraw your sum before maturity (as per conditions) or extend your account after that.
To help you assess your returns according to the amount you invest each year, you can use an SBI PPF calculator online.
Some of the benefits of this calculator include –
Following is the PPF schedule that an SBI PPF plan calculator shows of interest received, eligible loan amount, and eligible withdrawal amount if you invest Rs. 10,000 yearly for 15 years (do note that the rate of interest is rounded to 8%).
|Year||Opening balance||Amount deposited||Interest earned||Closing balance||Loan (Max.)||Withdrawal (Max.)|
The eligible loan amount and premature withdrawal amount is available after you have completed a specific number of investment years (mentioned in the FAQs below).
Follow these simple steps mentioned below to use Groww’s SBI PPF calculator monthly or yearly –
Step 1: Select the investment amount per year from the drop-down.
Step 2: Move the slider to fix the number of years
The SBI PPF scheme calculator will show you the total amount that you receive on maturity after you enter the necessary details. It will update the output immediately as you change the entered numbers.
Few of the advantages of using Groww’s SBI Public Provident Fund calculator include:
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The minimum amount you can invest each year is Rs. 500 while the maximum that you can invest in a year is Rs. 1.5 Lakh.
You can invest in your PFF account a maximum of 12 times in a year, which are not related to the months.
Yes. You have to make a minimum investment of Rs. 500 every year. If you do not make any deposits, your account is rendered inactive. To reactive, you have to pay a penalty of Rs. 50.
PPF has a tenure of 15 years. You can extend your account in blocks of 5 years after maturity.
Yes. You can withdraw up to 50% of the available amount on your account only after the completion of the 4th financial year. You can make only one withdrawal in a year.
Yes. You can close your PPF account only after it has completed 5 financial years for the following reasons –
Closing your PPF account prematurely will attract a penalty charge of 1% on the available amount.
Yes. Loan against your PPF account is available from the 3rd financial year up to the 6th. The maximum loan amount is capped at 25% of the available funds.
Yes. PPF enables you to claim income tax benefits up to Rs. 1.5 Lakh under Section 80C.
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