PPF Scheme Interest Rate: The Central Government runs many types of savings schemes. The name of one of those schemes is Public Provident Fund Scheme. The government has not made any change in the interest rates of this small savings scheme for a long time.
By the end of June 2023, the government can change the interest rates of this scheme. Significantly, the government reviews the interest rates of this savings scheme every three months. In such a situation, change is possible till the end of this month.
Interest rates were reduced on 1 April 2022
The government last increased the Public Provident Fund Scheme in the year 2020. After this, on April 1, 2022, the interest rates of PPF were reduced from 7.9 percent to 7.1 percent. Since then there has been no change in this scheme.
Why is the government not increasing the interest rates?
Since then, there has been no change in the interest rates of PPF by the central government. This time PPF account holders are hopeful that by the end of June 2023, the government may increase the interest rates. According to media reports, up to 10.32 percent interest is available on the amount invested under this scheme after the tax return. At the same time, it is already getting more interest than other schemes.
where can i open an account
You can start investing in the Public Provident Fund Scheme with a minimum of Rs 500. You can open it anywhere from your nearest post office or bank. From January 1, 2023, the government is giving the benefit of interest at the rate of 7.1 percent in this scheme and the maturity of the PPF scheme is in 15 years.
Can also avail loan
You also get the benefit of tax exemption in PPF scheme. In this scheme, you can avail tax exemption under section 80C. The amount earned by way of interest in this scheme is also tax free. You can also apply for a loan after completion of 5 years in this scheme.
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