Axis Bank PPF (Public Provident Fund) Calculator

What is a PPF scheme, and how is the Calculator Beneficial?

The Government of India's Public Provident Fund (PPF) scheme is a long-term investment option. It is a safe and secure investment choice with tax advantages for investors. The PPF program has a 15-year maturity period that can be extended for an additional 5 years.

The Axis Bank PPF calculator is a simple tool that allows investors to calculate the value of their PPF investment upon maturity. Investors can use the PPF calculator to discover how much they need to invest each year to meet their financial goals. The PPF calculator is useful for investors because it allows them to make more educated investment decisions. Users can use the calculator to calculate the best investment amount and time frame to meet their financial objectives. Investors can also use the calculator to compare the returns on PPF investments to other investment options and make an informed decision.

How to Use the PPF Calculator for Axis Bank? 

Public Provident Fund (PPF) is a popular investment choice in India since it provides tax benefits as well as a set interest rate. Customers of Axis Bank, a renowned private sector bank in India, can open a PPF account.

• Enter the amount you intend to deposit into your PPF account. In a fiscal year, the minimum deposit amount is Rs. 500, and the maximum deposit amount is Rs. 1.5 lakh.
• Choose the fiscal year in which you are making the deposit. The fiscal year begins on April 1 and ends on March 31.
• Choose the number of years you wish to invest in a PPF account. The lowest investment duration is 15 years, while the maximum investment period is 50 years.
• Choose the "Calculate" option. The PPF calculator will show you the maturity amount of your investment, as well as the interest gained on the deposit.
• You can also see a year-by-year breakdown of the deposit, interest generated, and maturity amount.

Advantages of Using Axis PPF Calculator

The Axis Bank PPF calculator is a simple tool that offers various benefits to investors. For starters, it assists investors in calculating the maturity amount of their PPF investment by taking the investment amount, investment period, and current interest rate into account. This enables investors to make informed investment decisions and decide the best investment amount and time frame for achieving their financial objectives. Second, the calculator breaks down the deposit amount, interest earned, and maturity amount by year, which helps investors comprehend the returns on their investments. Finally, the PPF calculator is simple to use and saves time for investors who would otherwise have to calculate their investment returns manually. Overall, the Axis Bank PPF calculator is an excellent resource for prospective investors.

Modes of Depositing amount in Axis Bank PPF

Axis Bank provides its customers with several options for depositing monies into their PPF accounts. Clients can make cash deposits at any Axis Bank branch or through a cash deposit machine. Consumers can deposit a cheque or demand draught in any Axis Bank branch in favour of their PPF account. Consumers can transfer monies from their Axis Bank savings account to their PPF account via the internet. Clients can also set up a monthly standing instruction to transfer a predetermined amount from their Axis Bank savings account to their PPF account. Users can send funds to their PPF account using the Axis Bank mobile banking app. It is also critical to deposit funds in the PPF account before the 5th of each month to ensure that the account remains active.

PPF Interest Rates FY 2022-23

The interest rate is 7.1% per year, compounded annually, as of March 2023. Consumers can check the most recent interest rate on the Axis Bank website or by contacting customer service.

Financial Year	Rate of Interest
2022-23	7.1% per annum

Steps to open a PPF account in Axis Bank

It should be noted that an individual can only open one PPF account in their name. Only one PPF account can be formed in the case of a joint account, and neither account holder can open different accounts. PPF accounts have a 15-year maturity period that can be extended for an additional 5 years. Every fiscal year, customers can deposit a minimum of Rs. 500 and a maximum of Rs. 1.5 lakh into their PPF account.

The following are the steps to opening an Axis Bank PPF account:

• Bring the following documents to the nearest Axis Bank branch: To open a PPF account with Axis Bank, you must bring the following documents with you: identity evidence, address proof, and two passport-sized pictures.
• Complete the application form: Obtain the PPF account opening form from the bank, fill it out, and return it with the appropriate documents.
• Make the first payment: After submitting the application form and papers, make an initial deposit of at least Rs. 500 to create the PPF account.
• Collect the passbook: Upon the initial deposit, Axis Bank will issue a PPF account passbook, including information on all transactions in the account.
• Connect the account to your Axis Bank savings account by doing the following: You can link your PPF account to your Axis Bank savings account for convenient fund transfers.