Which date deposit in ppf is elegible for interest in sbi?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2013 I open ppf a/c in sbi 23 oct 2013 and deposit amount on 25 oct 2013. Some one tell on this sbi did not give me interest.
It is wright?
on which date i have to deposit amount in SBI PPF?

please tell me.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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26 October 2013 The interest on your PPF balance is compounded annually, but the calculation is done every month. The interest is calculated on the lowest balance between the fifth and last day of every month.

So, if you invest before the 5th, the contribution will earn interest for that month too. Otherwise, it's like an interest-free loan to the government for a month. If you are investing through a cheque, make sure you deposit it 3-4 days before the cut-off date.

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2013 Please calculate the interest on ppf sbi :

sn. deposit date amount
1. 24oct2013 1500
2. 3nov 500
3. 3dec 500
4. 3jan 500
5. 3feb 500
6. 3mar 500

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CA Pallav Singhania

CA Pallav Singhania (Expert)
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26 October 2013 Yes, interest will be calculated on every month basis, but compounded annually...

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2013 Please calculate the interest on ppf sbi :

sn. deposit date amount
1. 24oct2013 1500
2. 3nov 500
3. 3dec 500
4. 3jan 500
5. 3feb 500
6. 3mar 500

Nikhil Kaushik

Nikhil Kaushik (Expert)
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26 October 2013 agreed with the experts.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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26 October 2013 As interest rate changed w.e.f. 1.12.2011, Interest has been calculated @ 8 % for 8 months and @ 8.60% for 4 months.

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2013 but i heard and read many sites it is 8.7 for april 2013

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CA Pallav Singhania

CA Pallav Singhania (Expert)
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26 October 2013 Yes, 8.7 percent w.e.f 1st April,2013...

PPF Interest rate was 8.8% for year 2012-2013 has now been reduced by 0.1% to 8.7% for year 2013-2014, with effect from 1st April 2013.

Querist : Anonymous

Querist : Anonymous (Querist)

26 October 2013 ok, thaks a lot for conversation