Public Provident Fund: The government has increased the interest rates on 12 schemes of small savings schemes in the last two quarters. This time the interest rate on PPF is likely to be crossed 8 percent. There is a review meeting of the Finance Ministry on 30th June.
New Delhi: The government can give the gift of interest rates to the investors of Public Provident Fund. The government has increased the interest rates on 12 schemes of small savings schemes in the last two quarters, but the interest rates for PPF investors have been kept unchanged for the last two times. In such a situation, the government can announce an increase in interest rates on PPF for the July-September quarter.
The Finance Ministry takes a decision to increase the interest rates of Small Savings Scheme and Post Office Schemes every three months after reviewing them. The Finance Ministry last announced the increase in interest rates on March 31, 2023, and increased the interest rates of 10 savings schemes out of 12 savings schemes of Small Saving Schemes. But, the interest rates of PPF were not changed. Currently the PPF interest rate is 7.1 percent.
Review meeting for July-September quarter on 30th June
In the last two quarters, the Finance Ministry has not increased the interest rates on the PPF savings scheme, which is the most attractive to investors. There is no interest rate hike for the current June quarter. Now a review meeting of the Finance Ministry is going to be held on June 30 for the July-September quarter, in which a decision can be taken to increase the interest rates. There is a possibility that the Finance Ministry may increase the PPF interest rate to 8 percent.
How much interest on 1.5 lakh investment in PPF
Public Provident Fund (PPF) investment scheme is one of the most popular government schemes for giving high interest. In this scheme with an investment limit of 15 years, a maximum of Rs 1.5 lakh can be deposited annually. The current interest rate applicable on this amount is 7.1 per cent. In this way, Rs 1.5 is deposited every year for 15 years, on which the annual interest rate is Rs 10,650.
