15 Years Public Provident Fund Interest Rates

Period during which opened Minimum Amount of Deposit in a year (in Rs) Maximum Amount of Deposit in a year (in Rs.) Rate of Interest From To 01.04.1986 14.01.2000 100 60,000 12.0 % 15.01.2000 28.02.2001 100 60,000 11.0 % 01.03.2001 28.02.2002 100 60,000 9.5 % 01.03.2002 14.11.2002 100 60,000 9.0 % 15.11.2002 28.03.2003   500 70,000 9.0 % 01.03.2003 onwards 500 70,000 8.0 %

Features

Only one account can be opened in the name of a person.  Twelve deposits can be made in a financial year. Minimum deposits in a year is Rs.500 and maximum is Rs. 70,000/-. Loan is admissible from the third year. Loan amount is limited to 25 % of    at the end of two years preceding.     Fresh loan is not allowed when previous loan or interest thereof is outstanding. Interest is charged at the rate of 1% if prepaid within 36 months and at 6% on the outstanding loan after 36 months. Withdrawal is permissible from seventh financial year from the year of opening, limited to one in a financial year.  Amount of withdrawal is limited to 50 % of balance at the end of the fourth preceding year less amount of outstanding loan or 50% of balance at the end of immediate preceding year of withdrawal less amount of outstanding loan, if any whichever is less.   A subscriber can close the account in the 16th financial year.  The account can also be continued with or without subscription, for further blocks of 5 years. Deposits are qualified for Income Tax rebate under section 88 of Income Tax Act. Deposits completely exempted from wealth tax. Interest is completely tax free under section 80 of IncomeTax Act.