PPF Interest Rate: Good news for PPF holders! Central government may hike ppf interest in June, Know update
PPF Scheme Interest Rate: Many government schemes are run by the Central Government, in which you get the benefit of hefty interest. If you have also opened your account (PPF Account) in the government scheme PPF, then soon you can get great news from the government. By the end of June, the government can make major changes in the Public Provident Fund scheme. The government can increase the interest rates of PPF in the month of June. Let us tell you that the interest rates of Small Savings Scheme are reviewed by the government every 3 months.
Interest rates were reduced on 1 April 2022
The government last increased the Public Provident Fund Scheme in the year 2020. After this, on April 1, 2022, the interest rates of PPF were reduced from 7.9 percent to 7.1 percent. Since then no changes have been made in this scheme.
Why is the government not increasing the interest rates?
Since then, no change has been made in the interest rates of PPF by the Central Government. This time PPF account holders are hopeful that by the end of June 2023, the government may increase the interest rates. According to media reports, after the tax return, the amount invested under this scheme gets the benefit of interest up to 10.32 percent. At the same time, it is already getting more interest than other schemes.
Where can I open an account
You can start investing in the Public Provident Fund Scheme with a minimum of Rs 500. You can open it from your nearest post office or bank anywhere. From January 1, 2023 onwards, the government is giving the benefit of interest at the rate of 7.1 per cent in this scheme and the maturity of the PPF scheme is in 15 years.
Can also take advantage of loan
You also get the benefit of tax exemption in PPF scheme. In this scheme, you can take advantage of tax exemption under section 80C. The amount earned through interest in this scheme is also tax free. After completion of 5 years in this scheme, you can also apply for a loan.