Canara Bank PPF Calculator

Let us know in detail about what is PPF, the Canara bank PPF scheme, what Canara bank PPF Calculator is, and how does it work.

What is PPF and Why is it Popular?

PPF or Public Provident Fund is a long term investment plus savings scheme considered as one of the top investment options for investors planning risk free or low risk investments. PPF scheme was launched in the year 1968 by the National Saving Institute of the Ministry of Finance that is under the Central Government of India. The objective of this scheme is to create a financial corpus, offer capital gains, and also provide tax benefits to the investors after the completion of the 15-year tenure of the scheme. The Canara Bank PPF Calculator rescues the investor’s life from complicated complex manual calculations and calculates the returns expected at the time of maturity within seconds.

The PPF interest rate is revised every quarter and applies to all public and private banks. The current Public Provident Fund Interest Rate is 7.1% annually. With benefits like Tax Return, loan facility, partial withdrawals, risk-free guaranteed returns, etc. investing in PPF is extremely safe and highly recommended for low-risk taking investors.

PPF is one of the popular investment options in India. The following features make Public Provident Funds account popular amongst the public:

• It is a savings plus investment option available for all

• It does not involve high-risk and hence can be purchased by all the classes

• A safe investment option as it is completely government-backed

• Offers tax saving benefits under Section 80C of the Income Tax Act, 1961

• PPF has a 15-year lock-in period that helps investors save for the long term

• A minimum of Rs. 500 can be deposited annually in the Canara PPF account

• A maximum of Rs. 1,50,000 can be deposited in the PPF account in a financial year

• Canara PPF Calculator calculates the maturity amount within a fraction of seconds

Canara PPF Calculator

Canara Bank PPF Calculator is a simple online financial tool that easily computes PPF maturity value saving the investor’s precious time from complicated complex manual calculations and calculates the expected returns at the time of maturity within seconds. Canara Bank PPF Calculator calculates the returns taking into consideration the investment tenure, contributions made, and the prevailing interest rates of the Public Provident Fund scheme.

The Public Provident Fund scheme, as per the Governments’ rule comes with a lock-in period of 15 years. It is important to know that partial withdrawals are allowed only after the 7th year of the PPF scheme.

Benefits of Using Canara Bank PPF Calculator

The Canara Bank PPF Calculator is beneficial to the investors in the following ways:

• Gives you a clear understanding of how much should be invested to achieve the desired outcome.

• Calculates and predicts the total amount an investor will invest till the end of the tenure based on current investments made.

• Calculates the total interest earned at the time of maturity.

• Total amount to be received at the time of maturity.

How to Use PPF Calculator?

PPF Calculator is a simple financial tool available online that computes maturity returns with just a few basic details related to the scheme. Following are the steps to use the Canara Bank PPF Calculator:

• Drag the slider to the monthly invested amount under the Canara Bank PPF scheme

• Next, the prevailing PPF interest rate will be auto-filled in the column

• Drag the next slider to the number of years PPF investment is to be made

• The PPF Calculator will compute the total investment amount, interest earned till date, and maturity amount at the end of the tenure in a fraction of seconds

Canara Bank PPF Calculator Formula

The following compounded formula is used for the computation of Canara Bank PPF maturity value:

F = P [({(1+ i) ^ n} – 1) / i]

The elaboration:

F = Maturity value of the Public Provident Fund

P = The annual installments made throughout the tenure

i = Rate of Interest

n = Total number of years

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