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Government is on a drive to hike interest rate on small savings scheme i.e, on PPF (Public Provident Fund) which will be effective from 1st April 2012. Investment in PPF is the most popular tax saving tool for individuals and a long term debt scheme of government of India in which regular interest is earned by the Individuals. Any individual except NRIs can invest in PPF Account. PPF INTEREST RATE hiked to 8.8% The interest rate of PPF has been increased by 0.2%. The Interest rate on PPF has been increased from 8.6 % to 8.8 % The amendments will be effective from 1st April, 2012 and will remain effective for the entire FY 2012- 13. However, the new rates will be applicable only on investments made from 1st day of April and not on the earlier investments made. No change has been made on the limit of investing in PPF Account. The maximum amount that can be deposited in PPF Account is Rs. 1 lacs and the minimum amount which can be invested is Rs. 500 on an annual basis.
Hike in Interest Rate of PPF to 8.8% – w.e.f 1st April 2012
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Nov 22, 2019
Government is on a drive to hike interest rate on small savings scheme i.e, on PPF (Public Provident Fund) which will be effective from 1st April 2012. Investment in PPF is the most popular tax saving tool for individuals and a long term debt scheme of government of India in which regular interest is earned by the Individuals. Any individual except NRIs can invest in PPF Account. PPF INTEREST RATE hiked to 8.8% The interest rate of PPF has been increased by 0.2%. The Interest rate on PPF has been increased from 8.6 % to 8.8 % The amendments will be effective from 1st April, 2012 and will remain effective for the entire FY 2012- 13. However, the new rates will be applicable only on investments made from 1st day of April and not on the earlier investments made. No change has been made on the limit of investing in PPF Account. The maximum amount that can be deposited in PPF Account is Rs. 1 lacs and the minimum amount which can be invested is Rs. 500 on an annual basis.