[bharanidharang]

Originally Posted by bluevolt

PPF intersest rates reduced from 7.1% to 6.4%.

Worst thing that can happen for salary class. I don't where this government is heading to.

Meanwhile, I have noted that interest has not been credited yet for my PPF account. Usually it is there on 31st March every year! Any pointers?

This has been reversed today morning either due to the noise made on twitter/news channels or upcoming elections.

And put the blame on "orders were issued by oversight"

[kavensri]

Originally Posted by bluevolt

Meanwhile, I have noted that interest has not been credited yet for my PPF account. Usually it is there on 31st March every year! Any pointers?

I just checked my account and could see the interest amount credited.

[pandey.jai]

Originally Posted by bharanidharang

This has been reversed today morning either due to the noise made on twitter/news channels or upcoming elections.

And put the blame on "orders were issued by oversight"

I think we all know what drove the sudden change in stance. I guess we will see in the next quarter that the order was not really an oversight:P

[Chetan_Rao]

It's not oversight, it's called testing the waters .

[911CarerraS]

Originally Posted by bharanidharang

This has been reversed today morning either due to the noise made on twitter/news channels or upcoming elections.

And put the blame on "orders were issued by oversight"

I think the government is being cautious due to the bengal elections. I don't think they would have reversed it if there were no elections in sight . The cracks are beginning to show . This is the most vulnerable I've seen them over the past 7 years

[headbanger]

Though the decision has been reversed, I am confused now whether to put money in PPF going forward or not. At 6.4% with risk of further going down, I feel like it's a no-go avenue.
However, if one doesn't want to go for ELSS, which avenue is left for a risk averse person?

The finance governance of this government is going downhill and they are at risk of going at war with almost everyone from farmers to middle class.

[theMandarin]

I checked the account summary and it lists 6.4% as applicable interest.

The value will probably be corrected in the next days but this goes on to show that the change was probably planned and approved at multiple levels before being reversed.

[ruzbehxyz]

The government on Wednesday reduced the interest on the PPF scheme to 6.4 per cent for the April-June quarter from 7.1 per cent in the January-March 2021 period.

Facing a severe social media backlash over the interest rate cuts in small savings schemes like the Public Provident Fund (PPF), Sukanya Samriddhi Yojana, senior citizen savings scheme, current deposit, and a host of other such schemes on March 31, the finance ministry has rolled back the decision.

Finance minister Nirmala Sitharaman said in an early morning tweet: "Interest rates of small savings schemes of government of India shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn."

Source: https://www.businesstoday.in/current...ry/435403.html

[SoumenD]

Noob question regarding PPF.

I know the maximum amount allowed per financial year is 1.5L in a PPF account. However if someone invests 50k on March 28th,2021 and then 1.5L on April 4th,2021 will the entire amount(1.5+.5=2L) be considered for interest at end of March, 2022 as the 2021-march contribution belonged to previous financial year(2020-21)?

[Chetan_Rao]

Originally Posted by SoumenD

Noob question regarding PPF.

I know the maximum amount allowed per financial year is 1.5L in a PPF account. However if someone invests 50k on March 28th,2021 and then 1.5L on April 4th,2021 will the entire amount(1.5+.5=2L) be considered for interest at end of March, 2022 as the 2021-march contribution belonged to previous financial year(2020-21)?

PPF interest is calculated monthly (paid yearly). Monthly cut-off for interest earning eligibility is 5th day of the month, so anything invested after only counts for interest calculation from the next calendar month.

The full account balance on 1 April becomes the principal carried forward to new FY (1.5L limit also resets), eligible for interest.

[SoumenD]

Originally Posted by Chetan_Rao

The full account balance on 1 April becomes the principal carried forward to new FY (1.5L limit also resets), eligible for interest.

Thanks that clarifies my doubt. So entire 2L would be considered for interest.

[raksrules]

I have (had?) PPF account with SBI Bank but didn't have saving accounts so i could not see PPF balance online. Around 7th of March, I physically went to bank and submitted the form to transfer my PPF account to ICICI Bank. Early this week, I got SMS from SBI that the account is closed and amount has been taken out via cheque.

Does anyone know when can I expect a call from ICICI Bank to do rest of the process to complete account transfer? Do they call me on the number mentioned in the documents submitted to SBI ? Or should I call up/ visit my ICICI Bank branch and check on this?

[fordday]

Originally Posted by raksrules

I physically went to bank and submitted the form to transfer my PPF account to ICICI Bank. Early this week, I got SMS from SBI that the account is closed and amount has been taken out via cheque.

This is great. Never knew one can transfer a ppf account from one bank to another.

What is the procedure? Can you please explain?

[raksrules]

Anyone here who has PPF account with ICICI Bank? If yes, does your account number begin with 000 ?
Myself and wife transferred our PPF account from SBI to ICICI. Her request is processed and mine is stuck (will be done in 2-3 days as per bank person) and the account number begins with 000.

This account mostly cannot be linked with my wife's ICICI saving account as it is join account. This is ok and we don't have issue. But now if I want to transfer money to this account, using the ICICI saving account, how to add the PPF account as payee?

I will be requesting passbook for the PPF accounts but until then, I want to figure out how to transfer money. I will be talking to person person too tomorrow.

[comfortablynumb]

Originally Posted by raksrules

Anyone here who has PPF account with ICICI Bank? If yes, does your account number begin with 000 ?

My normal savings a/c in ICICI also begins with 000, so don't think it's anything to do with the PPF a/c.

But now if I want to transfer money to this account, using the ICICI saving account, how to add the PPF account as payee?

Try adding it as a normal NEFT/IMPS payee under "ICICI bank payee", use a/c type = savings (if asked for). I have done something similar in SBI for transferring funds from our joint S.B a/c to my wife's PPF a/c, and it works just fine.