PNB PPF Interest Rate – The PPF Account in Punjab National Bank (PNB) is for the people who want to put money into the government-backed Public Provident Fund. The current PNB PPF Account interest rate is 7.1 percent.
The interest is calculated based on the account’s minimum amount between the fifth and last day of Month, each year. The Punjab National Bank PPF interest rate is subject to vary every quarter, depending on the Finance Ministry’s releases.
PPF Interest Rate 2022-23
Investers must note that current PPF interest rate in PNB is 7.1% which is compounded annually. The PPF interest rate is decided by Finance Ministry every quarter and the same is followed by all banks.
Punjab National Bank PPF Interest Rate of Previous Quarters
| Quarter and Year | Interest Rates |
|---|---|
| January to March 2022 | 7.1% |
| October to December 2021 | 7.1% |
| July to September 2021 | 7.1% |
| April to June 2021 | 7.1% |
| January to March 2021 | 7.1% |
| October to December 2020 | 7.1% |
| July to September 2020 | 7.1% |
| April to June 2020 | 7.1% |
| January to March 2020 | 7.9% |
| October to December 2019 | 7.9% |
| July to September 2019 | 7.9% |
| April to June 2019 | 8% |
| January to March 2019 | 8% |
| October to December 2018 | 7.8% |
| July to September 2018 | 7.8% |
| April to June 2018 | 7.9% |
Subscribers to this plan are entitled for PPF tax benefits under Section 80C of the Internal Revenue Code. Any interested subscriber can open a PPF account in PNB branch.
How PNB PPF Interest Rates Calculator Works
The PPF calculator of Punjab National Bank automatically calculates the maturity amount as well as the wealth gained from the PPF investment with the help of PNB PPF interest Rate for the number of invested years. The rate of interest in PNB PPF accounts is compounded annually, like as Post Office PPF Interest Rate.
PPF Calculation Formula:
$latex A = P\left [ \frac{\left ( 1+r \right )^{n}+1}{r} \right ]$
The calculator considers the following variables:
- Principal Amount invested every year (P).
- Deposit period;15 years is the minimum lock-in duration (n).
- Interest Rates, as controlled by the Ministry of Finance (i).
- Thus, provides the actual maturity amount (A).
Keep In Mind:- The rate of interest on a PNB PPF account is compounded yearly and is subject to change in any quarter, as per the decision of government.
PNB PPF Account- Highlights
- The maturity duration of the PNB PPF is 15 years. However, The maturity period can be prolonged indefinitely in five-year increments. To acquire a maturity extension, you need to notify the bank a year before your maturity date.
- The minimum investment is Rs. 500 per year and the maximum investment is Rs. 1.5 lakhs per year. Subscribers can put up an online standing instruction or do a third-party transfer for a contribution via net banking (maximum 12 annually).
- Withdrawals from a PNB PPF account are permitted from the sixth financial year. The amount of such a withdrawal can be equal to or less than 50% of the PPF account balance.
- After three years from the account opening, PNB PPF members can take out a loan against their PPF account balance. The maximum loan amount limit is 25% of PNB PPF account balance. PNB PPF loan repayment tenure is 36 months with an interest rate of 1% per annum.
Remember- Premature Closure of PPF account will reduce the interest rate by 1% for each invested year.