### Bank of India PPF Calculator

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PPF Maturity Amount

The PPF Account provided by the Bank of India presents a low-risk savings opportunity with appealing returns and tax benefits under Section 80(C) of the Income Tax Act. The interest earned is exempt from tax, and the account balance is fully exempt from Wealth Tax. PPF accounts serve as secure saving plans. While calculating interest rates and returns on your PPF account can be intricate, you can streamline this process by using a Bank of India PPF account calculator.

## What is Bank of India PPF Account?

Bank of India Public Provident Fund Account, or PPF Account, is a long-term savings scheme provided by the Bank of India. This investment avenue is secure and guarantees tax advantages to investors looking to save money for long-term purposes. The tax-free interest assures that an account holder can use the investment to earn money to develop a corpus for later years or meet longer-term financial commitments, such as a child’s education, among others. Furthermore, the PPF Account provided by the Bank of India allows account holders to deposit in lump sums or monthly instalments, as defined by the government.

## How Does the Bank of India PPF Calculator Work?

The PPF Calculator of Bank of India on Angel One is a simple tool. To use the calculator, you must supply the following information:

• The duration of your PPF investment
• Rate of interest

After you input this information, the calculator will automatically compute the total investment amount, total earned interest, and maturity value at the conclusion of the investment term.

## What Is the Bank of India PPF Calculator Formula?

The Bank of India PPF maturity value calculation is given below:

F = P [({(1+i) ^n}-1)/i]

These variables used in the formula represent the following–

• F – Maturity of PPF
• P – Annual installments
• I – Rate of interest
• N – Total number of years

## Example of Bank of India PPF Calculation

Let's say you want to open a Public Provident Fund (PPF) account with Allahabad Bank and plan to contribute Rs. 1,50,000 annually for 15 years. The current interest rate offered on PPF accounts is 7.1% per annum, compounded annually.

To calculate the maturity value of your PPF account, we'll use the formula

F = P [(1 + i)^n - 1] / i

Where:

F = Maturity value of the PPF

P = Annual instalment (Rs. 1,50,000)

i = Interest rate (7.1% or 0.071)

n = Number of years (15)

Substituting the values, we get:

F = 1,50,000 [(1 + 0.071)^15 - 1] / 0.071

F = 1,50,000 [2.9077 - 1] / 0.071

F = 1,50,000 × 27.1408

F = Rs. 40,71,120

Therefore, after contributing Rs. 1,50,000 annually for 15 years in your Allahabad Bank PPF account, the maturity value of your investment will be approximately Rs. 40,71,120.

This calculation assumes that the interest rate remains constant at 7.1% throughout the investment period and that you make the annual contribution of Rs. 1,50,000 on time each year.

## How To Use the Online Bank of India PPF Calculator?

It is simple to calculate the maturity amount of Bank of India PPF Account: The steps to take are as follows:

• Enter the investment amount in PPF Calculator.
• Now, the applicable rate of interest on the PPF account.
• Decide how many years you want to stay invested. The highest term of a PPF account is 15 years. However, it may be increased after completion in amounts of 5 years.
• Press the "Calculate" (or similar) button after adding all relevant information.
• The calculator shows the maturity amount, interest received, and other important information on your PPF account.

You can also use the PPF Calculator of ClearTax to easily calculate the returns of your investment in a PPF account.

## Bank of India PPF Interest Rate 2024

Specifically, according to the most recent update, the PPF interest rate offered by the Bank of India is 7.1% per annum. This rate is subject to change every quarter based on government regulations. PPF with the Bank of India is a safe and tax-efficient instrument for long-term savings solutions, especially when one is seeking stable returns.

## Benefits Of Using a Bank of India PPF Calculator

Here are some key benefits of using a Bank of India PPF calculator:

1. Accurate Calculations: The PPF calculator is meant to give you precise calculations, thereby ensuring that you have a factual basis for your prospective returns. This will be a great benefit as it will enable you to make your investments and financial goals a success.
2. Goal Planning: By using a PPF calculator, you will be able to have a specific financial objective, like saving for your retirement, a kid's university, or a down payment on a house, and so on. Through this approach, the calculator will enable you to input the amount you wish to have at the end of the investment period, and it will help you determine the amount to be invested either through a monthly or lump sum contribution.
3. Flexibility: The online calculator of BOI PPF is quite convenient and adaptive, which enables you to review and modify different factors like the interest rate, investment period, and the amount of the contribution. Such flexibility enables you to consider different circumstances and, finally, to come up with a perfect ideal investment plan that meets your financial situation.
4. Time-Saving: A PPF investment portfolio could be a real hassle to calculate manually, as there is always the risk of errors, especially when the interest is calculated using the compound interest formula. This PPF calculator is helpful in the computations, as it produces results instantly.
5. Comparison: The PPF calculator can serve as a handy tool for analyzing and comparing the potential returns on different investment products - including fixed deposits, mutual funds, or any other savings schemes. This type of comparison can be the factor that makes you decide where to place your investment with the highest yield.

Through the use of the Bank of India PPF calculator, you will gain access to the various benefits that come with PPF investments and, therefore, can make well-thought-out decisions pertaining to your PPF investments. The financial planner is a valuable tool to help you put aside your savings, set your financial goals, and give you a secure future.

## Eligibility Criteria for Opening a Bank of India PPF Account

The Public Provident Fund (PPF) is a popular investment instrument in India, offering tax benefits and a guaranteed rate of return. To open a PPF account with the Bank of India, you must meet specific eligibility criteria. These criteria include:

• Citizenship: Only Indian resident individuals can open a PPF account.
• Age: There is no specific age limit for opening a PPF account, but minors must have a guardian to open and manage the account on their behalf until they reach the age of 18.
• Residential Status: Non-resident Indians (NRIs) are not eligible to open a PPF account. Still, those who opened a PPF account before becoming an NRI can continue to hold the account until maturity.
• Employment Type: There are no specific employment-related eligibility criteria for opening a PPF account.

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