Why money has not come in PPF account yet? Account holder asked question to SBI, bank replied
highlights
The interest amount is deposited in the PPF account on March 31 every year.
On Twitter, the account holder asked SBI, when will the interest be credited?
The bank said – soon you will start seeing interest in the account.
New Delhi. PPF in government-backed savings schemes (Public Provident Fund) Known for better interest rates. 7.1 percent interest is being received in this scheme and every year on March 31, the interest is credited to the account. The interest amount has not yet been deposited in the account of some account holders.
An account holder has asked the bank on Twitter that when will the interest amount be credited? On this the bank has replied to the account holder. Usually, the interest amount is deposited in the PPF account on March 31, but this year it is April 1, still the interest amount has not been deposited.
Bank gave this answer on interest money
Regarding the delay in crediting the interest amount in the PPF account, a user asked the State Bank of India on Twitter, when will the PPF interest be credited? It’s April 1st. On this, the bank replied that please note that we are busy in annual closing activities. Rest assured, the interest will start coming into your account as soon as this process is complete.
Image- Twitter
Explain that on the PPF scheme, the government has decided not to increase the interest rate for the April-June quarter of the financial year 2023-24. Therefore, the account holders will continue to get 7.1 percent interest as before. There has been no change in the interest rate of PPF for 12 consecutive quarters.
Why is PPF a better option for investment?
PPF is a scheme in which you can invest for long term financial goals of 15 years or more. The special thing is that the tax benefit of PPF makes it better than other savings schemes. PPF account comes under “EEE” category where deposits up to Rs 1.5 lakh in 1 year, interest earned etc. are exempt from tax.
At present, 7.1 percent interest is being received on PPF. Calculation shows that 1 investor investing Rs 1.5 lakh every year can accumulate tax free capital of more than Rs 40 lakh in 15 years and more than Rs 66 lakh in 20 years.
PPF account can be opened in any PSU or private bank. Also you can open it in the post office. You can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh in this. Under income tax, it was kept in the category of exemption.
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Tags: investment and returns, ppf, PPF account, SBI Bank, Small Savings Schemes
FIRST PUBLISHED : April 01, 2023, 17:33 IST
