The full form of PPF is Public Provident Fund. It is an investment scheme introduced by the Government of India through various banks and post offices for the general public. This fund aims to mobilize small savings from the general public with the intention of creating reasonable returns along with the advantage of tax benefits. Any resident citizen of India can apply for a Public Provident Fund account and claim tax deductions for the same. PPF is a good choice of investment for retirement planning. A PPF account can also be opened online with all major banks in India.
PPF interest rates are set by the central government. Earlier, PPF interest rate was revised on an early basis. But now, they are set on a quarterly basis. This came into effect since FY 2017-18. The PPF Rate for year 2019 is:
Note: The rates are from April 2008. Source: National Savings Institute.
| Period | Rate |
|---|---|
| July - September, 2019 | 7.9% |
| April - June, 2019 | 8% |
| January - March, 2019 | 8% |
| October - December, 2018 | 8% |
| July - September, 2018 | 7.6% |
| April - June, 2018 | 7.6% |
| January - March, 2018 | 7.6% |
| October - December, 2017 | 7.8% |
| July - September, 2017 | 7.8% |
| April - June, 2017 | 7.9% |
| January - March, 2017 | 8.0% |
| October - December, 2016 | 8.1% |
| July - September, 2016 | 8.1% |
| July - September, 2016 | 8.1% |
| April 2015 - March 2016 | 8.7% |
| April 2014 - March 2015 | 8.7% |
| April 2013 - March 2014 | 8.7% |
| April 2012 - March 2013 | 8.8% |
| December 2011 - March 2012 | 8.6% |
| April 2011 - December 2011 | 8.0% |
| April 2010 - March 2011 | 8.0% |
| April 2009 - March 2010 | 8.0% |
| April 2008 - March 2009 | 8.0% |
Apart from post offices and government registered bodies, the following banks offer PPF Accounts:
What is the interest rate for PPF in SBI?
The interest for PPF in SBI is 7.9% for July - September 2019 (Q2 FY 19-20).
What happens if you wish to deposit more than 1.5 lakhs in PPF?
The annual investment in PPF account is capped at Rs 1.5 lakh for each financial year. One cannot deposit more than this amount.
Which bank gives maximum interest on PPF?
All banks are currently giving an interest of 7.9% on a PPF account.
