Latest PPF interest rate: What is the Public Provident Fund interest rate for the October-December 2024 quarter? Some popular post office schemes are the Public Provident Fund, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS)
The government revises the interest rates of all small savings schemes every quarter. For this quarter, October- December 2024, the government has kept the interest rates unchanged.A finance ministry notification on September 30 said, "The rates of interest on various small savings schemes for the third quarter of FY 2024-25, starting from October 1, 2024, and ending on December 31, 2024, shall remain unchanged from those notified for the second quarter (July 1, 2024, to September 30, 2024) of FY 2024-25."
Latest post office schemes interest rates: PPF, SCSS, SSY, other small savings schemes rates announced for Oct-Dec 2024 quarter
The popular post office schemes include the Public Provident Fund, Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSY), National Savings Certificate (NSC), Post Office Time Deposits (POTD), Mahila Samman Savings Certificate, and Post Office Monthly Income Scheme (POMIS).
What is the PPF interest rate for this quarter
The Public Provident Fund (PPF) will continue to earn an interest rate of 7.1% from October to December 2024.
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PPF account details
An individual can open only one account either in post office or in bank. However an individual can also open one PPF account on behalf of each minor or a person of unsound mind of whom he is the guardian.
Who can not open an account under PPF
PPF account can not be opened in the name of HUF, Trusts, NRI. However if a resident, who subsequently becomes Non Resident Indian during the currency of the maturity period prescribed under Public Provident Fund Scheme, may continue to subscribe to the Fund till its maturity on a Non Repatriation BasisCan one continue to earn interest on account if one extends the maturity period beyond 15 years?
According to the PNB website, “Yes. Interest will be calculated and paid out based on the interest rates prevailing during the period of extension. If no fresh deposits are made during the period of extension, interest will be calculated based on the balance held at the end of the 15th year. If fresh deposits are made to extend the term, it will be added to the balance at the end of the 15th year and the total amount will be treated as principal for interest calculations.”
If a person open a PPF account in his minor child’s name, can he claim tax deductions from both accounts i.e. his child’s and his own, when he file taxes?
As per PNB website, “The maximum investment cap of Rs.1.5 lakhs applies to all contributions you make to your account, your minor child’s account, collectively. Only amounts up to Rs.1.5 lakhs can be claimed as deduction U/S 80C of the Income Tax Act. For e.g. if you contribute Rs.1 lakh toward your account and Rs.1 lakh toward your child’s account, you can claim only Rs.1.5 lakhs as deduction and not Rs.2 lakhs.”
PPF, Sukanya Samriddhi, other post office schemes rules: Guidelines for irregular small savings accounts effective from October 1, 2024
Can one invest more than Rs.1.5 lakh in a financial year?
Note that interest will be calculated and paid out only on amounts up to Rs.1.5 lakhs for any year. Only the maximum annual investment limit i.e. Rs.1.5 lakhs a year will be considered towards all calculations for all purposes.This story originally appeared on: India Times - Author:Faqs of Insurances
