SBI PPF Calculator is an investment tool designed for the calculation of maturity amount against the investment made in the Public Provident Fund Scheme in SBI.
To use this Fixed Amount Investment SBI PPF Calculator, you have to enter the current PPF Interest Rate and Fixed Yearly Investment Amount (in Rs).
(Calculate your State Bank of India Bank PPF maturity amount by using this SBI PPF Calculator)
SBI PPF is a government-regulated personal financial scheme, which is maintained by SBI branches. The SBI PPF calculator available on this page is one of the most accurate and user-friendly PPF Calculators available online.
The State Bank of India Public Provident Fund (PPF) scheme is a good investment option that provides a great return, and it is with tax benefits. You can invest a little amount from Rs. 500 to a maximum of Rs. 1,50,000 in one financial year. SBI PPF account has 15 years locking period, however, anyone can partially withdraw from the seventh year and onward.
This SBI PPF calculator requires some data like – Rate of Interest of PPF, and Yearly Amount Deposited. After calculation, you will get the Interest Earned, Closing Balance, Loan Available, and Withdrawal Available.
What is an SBI PPF Account?
State Bank of India (SBI) PPF is a Government of India-backed long term small savings scheme which provides tax benefits to investors under Section 80C of the Income Tax Act 1961.
State Bank of India Public Provident Fund (PPF) scheme is an investment option, in which one can invest a little amount from Rs. 500 to a maximum of Rs. 1,50,000 in one financial year. SBI PPF account has 15 years locking period, however, anyone can partially withdraw from the seventh year and onward.
The Public Provident Fund Account in the State Bank of India provides fixed returns to investors at rates that are decided by the GoI every year. The present PPF interest rate is 7.1 % per annum from 01 January 2021.
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Features of State Bank of India Public Provident Fund (PPF):
The key silent features of the SBI Public Provident Fund (PPF) account is as follows:
- The present rate of interest on the subscriptions made to the fund is 7.1 % per annum from 01 January 2021.
- The minimum deposit amount is 500/- per annum and the maximum deposit amount is Rs. 1,50,000/- per annum, either in a one-time payment or in a recurring deposit.
- The SBI PPF scheme is for the Original duration is 15 years. Thereafter, on application by the subscriber, it can be extended for 1 or more blocks of 5 years each.
- Investment amount up to Rs 1,50,000/- per annum qualifies for Income Tax Rebate under section 80C of IT Act.
- Deposits to PPF account can be made in a lump sum or in 12 installments.
- One deposit with a minimum amount of Rs 500/- is mandatory in each financial year in a PPF scheme.
- Withdrawal from the SBI PPF account is permissible from the 6th financial year.
- The loan facility is also available in the SBI PPF account from the 3rd financial year up to the 5th financial year. The rate of interest charged on a loan taken by the subscriber from a PPF account on or after 01.12.2011 shall be 2% PA. However, the rate of interest of 1% PA shall continue to be charged on the loans already taken from the SBI PPF account before 30.11.2011.
- Non-Resident Indians (NRIs) not eligible to open a PPF account in SBI or in any banks.
- An individual cannot invest in the PPF account on behalf of HUF (Hindu Undivided Family) or the Association of persons.
Eligibility Criteria to Open an SBI PPF Account:
- Any Individual who is a resident of India is eligible to open an account under the Public Provident Fund (PPF) scheme in SBI. A PPF account in SBI may be opened under the name of a minor candidate by his/her legal guardian. Each person is eligible for only one PPF account under his/her name.
- Any individual who either a working employee or is a pensioner or self-employed or belongs to any other category can open a PPF account in a State Bank of India.
What is the SBI PPF Calculator?
This SBI PPF calculator is easy to use financial tool that can help to perform even the most complicated PPF related calculations with ease. Using the online PPF calculator you can easily calculate the year-wise PPF returns.
How to use the State Bank of India PPF Calculator?
- SBI PPF calculator calculates the interest for every year on the basis of the initial details given by you. You are required to choose the type of deposit (fixed amount or variable) and the amount deposited every year.
- It is assumed that you are depositing the amount on 1st April every year. Then the interest is calculated for the financial year based on the prevailing market rate.
- PPF interest calculator also gives you an estimate of the total amount of investment made by you till a particular year.
Understand the result of the Online SBI PPF Calculator:
The result of the online SBI PPF calculator includes a table displaying key data that current and prospective PPF subscribers need to be aware of:
Maturity Amount of PPF: This is the final earning from your PPF account after the total tenure.
Wealth Gain: It is the total interest gain over the complete tenure on your investments.
Loan Available: A loan repayable in 36 months can be obtained on or after the 3rd year, up to 25% of the balance at the end of the preceding financial year. The interest charged on the loan is 1 percent for the first 36 months, and thereafter, 6 percent on the outstanding amount. A second loan can be obtained before the end of the 6th financial year if the first one is fully repaid.
Withdrawal Available: There is a lock-in period of 5 years and the money can be withdrawn in whole after its maturity period. However, pre-mature withdrawals can be made from the end of the fourth financial year from when the PPF commenced. The maximum amount that can be withdrawn pre-maturely is equal to 50% of the amount that stood in the account at the end of the fourth financial year.
You are here to calculate the maturity value of your money in SBI’s Public Provident Fund (PPF) account. Calculate the maturity value with this online SBI PPF calculator.
