The Bank of India PPF Calculator is a user-friendly online tool designed to help you estimate the maturity amount of your Public Provident Fund (PPF) investments with the Bank of India (BOI). This calculator helps you in effective financial planning by providing a clear projection of the growth of your PPF account savings.
The BOI PPF Account means Bank of India Public Provident Fund Account, which is a Public Provident Fund (PPF) account offered by the Bank of India. It is a long-term savings scheme backed by the Government of India that qualifies for a tax deduction under Section 80C of the Income Tax Act. You can invest a minimum amount of Rs. 500 per year and a maximum amount of Rs. 1,50,000 per year. Currently, the BOI PPF interest rate is 7.1% per annum.
The PPF Calculator offered by Policybazaar for the BOI accounts can be used by following the steps mentioned below:
Visit the Calculator: Go to the PPF calculator available on this page.
Enter Details: Insert the required details as mentioned below-
Monthly/ Annual Contribution
Current PPF Interest Rate
Number of Years You Plan to Stay Invested
Calculator Results: The calculator will show you the following results on the right side-Â
Total Investment: Total amount contributed over the investment period.
Interest Earned: Total interest earned on your PPF amount.
Maturity Amount: Total amount received at the end of investment period, which includes your total contributions and the interest earned.
A PPF calculator considers several factors that influence the final amount and performs calculations based on a formula used for the future value of an annuity:
Interest Calculation: Interest is calculated on the lowest balance between the 5th day and the end of each month using the current interest rate declared by the government.
Compounding: Interest is compounded annually. The calculator adds the interest to the principal at the end of each financial year.
Maturity Amount: The total maturity amount is calculated by summing up the compounded interest over the entire investment period.
Try our SIP Calculator to complement your SIP strategy.
The calculation formula for the maturity amount in the BOI PPF Account is as follows:Â
FV = P{[((1+i)^n)-1]/i}
The above-mentioned variables mean:
FV = Fund Value
P = Principal amount contributions
i = Interest rate
n = Number of total investment years
The BOI PPF calculator offers several benefits to those considering investing in the Public Provident Fund (PPF) scheme in India; some of these are listed below:
Gives you an accurate estimate of your PPF returns.
Helps in better decision-making by allowing you to customize your inputs.
Saves your time by providing fast results.
The Bank of India PPF Calculator helps you to accurately estimate the returns and maturity value for the investments in your PPF account. By inserting a few details you can effectively plan your finances for your future expenses. The PPF Calculator for Bank of India is a hassle-free tool.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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