Axis Bank PPF Interest Rate – Axis Bank’s public provident fund (PPF) account allows consumers to make a long-term investment that offers a fair return and is also very safe. On its provident fund accounts, Axis Bank gives an excellent PPF interest rate of 7.10% in 2023.
It’s worth to note that the interest on a PPF is compounded annually. The PPFs also provide consistent growth to depositors, ensuring that when the PPF matures, they will have a substantial sum of money to spend as they like.
5 Year Historical Data Of Axis Bank PPF Interest Rate
The Ministry of Finance sets the interest rate for PPF accounts, the same for all banks and post offices that participate in the plan. The interest rate on an Axis PPF account can change every quarter if the Ministry of Finance makes a statement to that effect. The current and historical Axis PPF interest rates are as follows:
| Time Period | Interest Rate (per annum) |
| Q4 FY 2021-22 | 7.1% |
| Q3 FY 2021-22 | 7.1% |
| Q2 FY 2021-22 | 7.1% |
| Q1 FY 2021-22 | 7.1% |
| Q4 FY 2020-21 | 7.1% |
| Q3 FY 2020-21 | 7.1% |
| Q2 FY 2020-21 | 7.1% |
| Q1 FY 2020-21 | 7.1% |
| Q4 FY 2019-20 | 7.9% |
| Q3 FY 2019-20 | 7.9% |
| Q2 FY 2019-20 | 7.9% |
| Q1 FY 2019-20 | 8.0% |
| Q4 FY 2018-19 | 8.0% |
| Q3 FY 2018-19 | 8.0% |
| Q2 FY 2018-19 | 7.6% |
| Q1 FY 2018-19 | 7.6% |
| Q4 FY 2017-18 | 7.6% |
| Q3 FY 2017-18 | 7.8% |
| Q2 FY 2017-18 | 7.8% |
| Q1 FY 2017-18 | 7.9% |
Keep in mind- This interest is calculated on account’s lowest balance between 5th and last day of the month.
How to calculate the interest rate on Axis Bank PPF investment?
With the use of online PPF calculators, an individual can calculate their Axis Bank PPF interest and, as a result, the maturity amount for a specific tenure. The PPF calculator is simple to use, but it also delivers reliable information.
A simple formula is used to determine the interest in a PPF. Following is an example of the procedure:
$latex A = P\left [ \frac{\left ( 1+r \right )^{n}+1}{r} \right ]$
where,
- The letter ‘A’ denotes the PPF’s maturity amount.
- The letter ‘P’ indicates the amount paid in annual installments.
- The number ‘n’ represents the PPF’s tenure in years.
- The letter r stand for is the interest rate.
Keep In Mind : If you use a PPF calculator to determine the amount, you can easily input the investment amount and the PPF’s tenure to estimate the amount.
Benefits of Axis Bank PPF Interest Rate
- Tax Exemption- PPF provides tax benefits at all three stages of investing: the initial investment (eligible for a tax deduction under Section 80 C up to Rs 1.5 lakh), the accumulation of interest, and the withdrawal. PPF is a one-of-a-kind savings vehicle because of its EEE status (exempt, exempt, exempt).
- Long- term saving Plan- PPF account in Axis Bank allows for long-term savings due to its 15-year lock-in period. The accumulated interest over the entire period can give you a lump sum return for your future objectives such as retirement fund or higher education and marriages of children.
- Investing flexibility – You can invest in installments of any amount up to Rs 1.5 lakh per year. You can invest in monthly installments too by tying it to your Savings Bank account, or you can invest in smaller sums throughout the year. Irrespective of the amount you are investing in, the Axis Bank PPF account will continue to acquire interest on the invested fund as defined for each financial quarter. Further, it will be easy for you to plan your finances.