Numerous programs are run by the central government for the middle class. When you invest in these, you are guaranteed safety and significant returns. You can also make significant gains by making a long-term investment in something. PPF is one of these programs. If you have money in the PPF (Public Provident Fund), you must keep in mind the fifth of every month. Yes, if you keep the fifth date in mind, you will get a higher return on your investment. Additionally, the Centre has offered details on this.
By the fifteenth, money must be deposited.
You should be aware that deposits for PPF must be made by the 15th of the month if you invest in PPF. If you don’t do this, you won’t get the interest for that month. Deposits into PPFs are capped at Rs. 1.5 lakh per year. Please note that if you deposit money into a PPF account around the 20th, you will not receive the interest for the month. If you make your deposit by April 5 or earlier, you can gain even more from it.
The interest rate for PPF
According to an assessment the Ministry of Finance completed in the second quarter of June, PPF is currently earning interest at a rate of 7.1 percent yearly. The Finance Ministry did not change the PPF interest rate for a very long time. Please be advised that regardless of the minimum balance between the fifth and the last day of each month, interest is added in the same month. Interest will be paid on deposits made after May 5th for the following month.
How many accounts may be opened?
If you intend to open an account with the Public Provident Fund, I will inform you that only one person may do so. In accordance with government policy, if you already manage two accounts, any new PPF accounts registered after December 12, 2019, would be deleted. No interest will be paid on a similar account. In addition to this, the government restricts the consolidation of several PPF accounts.
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