PPF Extend Calculator | Public Provident Fund Extend Calculator EXCEL File | PPF Interest Calculation

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PPF or Public Provident Fund is a savings scheme offered by the Government of India.
PPF have a lock-in period of 15 years
The interest on the account is paid by the government of India and is set every quarter, It is also tax-free.
The applicable PPF interest rate for 1st July 2019 to 30th September 2019, has been fixed at 7.9%.
The interest rate for January – March and April – June 2019 was 8%.

Opening a PPF Account.
PPF accounts can be opened in post office, nationalised banks and major private banks such as ICICI and Axis.
In several banks like ICICI and Axis, you can open a PPF account online through net banking as well.
Once the account is opened, a passbook similar to the bank passbook is issued.
All transactions such as subscription, interest, withdrawals, etc. are recorded in this passbook.
Some banks simply allow PPF entries to be viewed online instead of issuing a passbook.

Contributions that you can make in PPF
Minimum contributions you should make in a PPF Account to keep the Account active is rupees 500 in a Financial year.
The maximum amount you can make to earn Tax-free interest in a Financial Year is rupees 1.5 Lacs.
Also, a maximum number of contributions you can make in a Financial Year is 12. This means, you cannot contribute more than 12 times in your PPF Account in a Financial Year.
The contributions made towards PPF Account also help you in Saving your Income Tax, by claiming the Investments under Section 80 C.

PPF Interest
As I have mentioned earlier, PPF is a fixed income investment.
Interest on PPF is calculated monthly on the lowest balance between the close of the fifth day and the last day of every month, that is. for the purpose of interest calculation, the amount that is deposited into the account before 5th of the month is considered.
So if any money is deposited after 5th of a month, then no interest will be paid on that amount in the respective month.
Hence it is advised that deposits should be made between 1st and 5th of the month to maximize your returns.
You can download our Free Android App FinCalC, to see how Interest is calculated on PPF. The link to download our App is in description section.

Taxability & Exemption.
Public Provident Fund falls under EEE regime of taxation.
This means that the Contributions to PPF account (up to rupees 1.5 lacs per annum) is eligible for deduction under section 80 C of Income Tax Act, interest earned is exempted and maturity amount is also exempted from tax.
The interest earned on the PPF account must be mentioned on the income tax return.
These features of PPF Account makes this scheme very attractive.

Partial Withdrawals.
Partial withdrawals can be made after the expiry of 5 years after the year in which the account is opened.
For Example, if the account was opened on Jan 1, 2012, withdrawal can be made from the financial year 2017-18 onwards.
Only one partial withdrawal is allowed per financial year.

Maturity of PPF Account.
At the end of the lock-in period of 15 Years, you have following three options:
Number 1. You can withdraw the PPF amount along with the interest earned. The entire maturity proceeds are exempt from tax.
Number 2. You can extend the life of the PPF account indefinitely in blocks of 5 years at a time with contribution. You have to submit a request to extend the account, with further contributions by submitting Form H. The choice of extension with contribution has to be made within one year from the date of maturity, otherwise the default choice of extension without further contribution applies.
Number 3. Extension of PPF without further contribution. You do not need to fill any form to choose this option.

The examples used are for Illustration purpose only.
Comment in comments section if you have any queries.

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