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SBI PPF Calculator – SBI Public Provident Fund Calculator Online
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.
How can a PPF account calculator SBI help you?
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 –
- Enables you to choose the right investment amount.
- Shows you the total invested amount according to the tenure.
- Tells you the total interest earned after maturity.
- Displays the total amount you receive after the account matures.
PPF Investment Schedule
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).
How to use Groww’s PPF Calculator?
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.
Advantages of using Groww’s PPF calculator
Few of the advantages of using Groww’s SBI Public Provident Fund calculator include:
- Straightforward and less complicated tool.
- Shows the returns based on the yearly investment.
- Tells you the total invested amount throughout the tenure.
- Shows the total interest earned and the total amount you receive after maturity.
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- What are the minimum and maximum amounts I can invest in a PPF account?
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.
- What is the maximum number of contributions that I can make in a year?
You can invest in your PFF account a maximum of 12 times in a year, which are not related to the months.
- Is it mandatory to invest in my PPF account every year?
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.
- What is the tenure of a PPF account?
PPF has a tenure of 15 years. You can extend your account in blocks of 5 years after maturity.
- Can I withdraw from my PPF account prematurely?
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.
- Can I close my PPF account before maturity?
Yes. You can close your PPF account only after it has completed 5 financial years for the following reasons –
- Higher education of your children.
- Serious diseases of your spouse, children, or yourself.
Closing your PPF account prematurely will attract a penalty charge of 1% on the available amount.
- Can I avail loans against my PPF account?
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.
- Does PPF provide income tax benefits?
Yes. PPF enables you to claim income tax benefits up to Rs. 1.5 Lakh under Section 80C.