I have read on a website that “Even though PPF is 15 year plan but the effectual period works out to 16 years i.e. the year of opening the account and adding 15 years to it. The sum made in the 16th financial year will not earn any interest”
Is this correct?
I am going to open a PPF account in January 2012. Can I deposit Rs 100000 for this financial year (2011-12) and the same amount for the next 15 years i.e total Rs 1600000 or Rs 1500000? Will I get interest on my deposits i.e Rs(100000*16) for all 16 years (2011-27) ? or will i be given interest for only the Complete 15 financial years(2012-27)? or for the first 15 financial year including current 2011-12 year(2011-26)?
Please help me regrading this.