What is Public Provident Fund (PPF)?

Public Provident Fund (PPF)

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PPF stands for Public Provident Fund. It is a scheme supported by the government of India for a long-term investment that offers a high degree of safety to your investment capital. It has a beneficial rate of interest and good returns on the amount invested. The income earned and returns are not taxable under the Income-tax Act.

To open a PPF account, one must be a resident of India as a citizen. It can also be opened in the name of an eligible minor.

The current interest rate is 7.1% p.a. (for the quarter 1 October 2020 to 31 December 2020, until 31st March 2020 it was 7.9% p.a.) that is compounded annually. The Finance Ministry set the interest rate every year, which is paid on 31st March. The interest is calculated on the lowest balance between the close of the fifth day and the last day of every month.

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