I have opened a PPF account on 07-01-10 and deposited 60,000 Rs. How much exact interest I’ll get on 01-04-10. As I know, I should get 4800/- (according to 8%) and my balance on 01-04-10 will be 64800. But I have a doubt regarding calculation of interest rate. Is it calculated month-wise & Pro-rata basis (as calculated with Saving account) or what ever amount is there at the end of the financial year, you will get 8% of that? Please let me know???
Dates are in dd/mm/YYYY format
It is not closed. Account is still running…
Thanks Gopal Sir. It means PPF interest is calculated monthly not yearly. So in my case on 1st April 2010 in account balance would be 60800 not 64800, right?