This month, on September 30, 2023, PPF’ interest rates are up for adjustment. Since April 2020, there has not been a change to the PPF interest rates. Your PPF deposits currently earn you 7.1%. The government announces the interest rates that apply to investments in small savings plans on a quarterly basis.
When it comes to PPF interest rates, will the government raise them?
As of September 2023, the Finance Ministry may maintain the ongoing interest rate for Public Provident Fund (PPF) accounts at 7.10% annually for the October-November quarter, according to Amit Gupta, MD, SAG Infotech.
How to determine the interest rate for PPFs
At the conclusion of each fiscal year, the relevant interest rates for each quarter are credited to the investor’s PPF account and compound annually. The lowest amount in the account between the fifth day and the end of the month is taken into consideration for calculating interest for each calendar month. Beginning the year with a PPF investment is always a good idea. By doing this, you can earn interest on your deposits for the entire year.
PPF tax advantages
On an annual contribution into a PPF account of up to 1.5 lakh rupees, an individual may be eligible for income tax advantages under Section 80C. In addition, the amount of a maturity is tax-free. On September 30, 2023, the interest rates for the small savings plans must be reviewed. The rates will be in effect for the fiscal year 2023–24 quarter ending in September–November. The interest rates on modest savings plans were raised by 30 basis points for the quarter ending in September 2023. The 1-year, 2-year, and 5-year recurring deposits were the focus of this change.
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