PPF Scheme interest rate: The date of April 5 is very important for those investing in Public Provident Fund. If you invest till April 5, you may suffer a loss of lakhs.
PPF Scheme News: If you have also invested in PPF Account, then this is useful news for you. The date of April 5 is very important for those investing in Public Provident Fund. If you invest till April 5, you may suffer a loss of lakhs.
In such a situation, if you are depositing the money in lump sum, then take special care that you deposit Rs 1.5 lakh before the 5th. Let us explain to you what the complete calculation is-
Interest in PPF account is calculated on the 5th of every month. If PPF investors are making lump sum payment for the financial year, then to earn more, they should deposit this money before April 5. With this, investors will get the benefit of interest for the entire month.
You will get interest of Rs 18.18 lakh on investment before 5th.
At present, PPF is getting 7.1% interest annually for the quarter April-June 2024. This interest rate remains for the tenure of 15 years of PPF account. A person will get interest of Rs 18.18 lakh by depositing Rs 1.5 lakh every year on or before April 5 for the next 15 years.
Loss of Rs 2.69 lakh on investment after 5th
At the same time, if the PPF account holder deposits after April 5, he will get interest of Rs 15.84 lakh. Therefore, if the lump sum amount is invested after April 5, the PPF account holder will suffer a loss of Rs 2.69 lakh over a period of 15 years.
There will be no interest on this money in April
Suppose a PPF account holder deposits money in the PPF account on 15th April. As per PPF account rules, its monthly interest will be calculated on the lowest balance between April 5 and April 30. You will not get the benefit of interest in the month of April on the amount deposited on 15th April.
Currently getting 7.1 percent interest
Let us tell you that at present interest is being given in PPF at the rate of 7.1 percent. Whatever minimum balance remains between the 5th of the month and the last date of the month, interest is added on it in the same month. Whatever money you deposit after the 5th, you will get interest on it from the next month.
