Bank of Maharashtra PPF Calculator

Planning for long-term financial security often begins with the right investment tool, and the Public Provident Fund (PPF) stands out as one of the most trusted options in India. To help customers make informed investment decisions, the Bank of Maharashtra offers a convenient and easy-to-use PPF Calculator. This online tool allows individuals to estimate their PPF maturity value, interest earned, and total investment over time, based on their annual contributions. Whether you're just starting your savings journey or planning for retirement, the Bank of Maharashtra PPF Calculator simplifies the process of financial forecasting, empowering you to plan confidently for the future.

Why You Should Consider the Bank of Maharashtra PPF Scheme for Long-Term Savings? How Can It Help You?

Finding a balance between safety and tax savings is key for smart investors. The Public Provident Fund (PPF) is a top choice for millions in India. Here are ten reasons to consider opening a PPF account:

1. Tax Deduction Under Section 80C - Claim up to ₹1.5 lakh per year as a deduction. This reduces your taxable income.
2. Tax-Free Returns - Interest earned and maturity withdrawals are completely tax-free.
3. Government-Backed Security - The government protects your investment. Returns are guaranteed and risk-free.
4. Attractive Interest Rate - Offers a Competitive Interest Rate – Currently, the rate stands at 7.1% per annum for Q1 2025, with interest compounded annually.
5. Long-Term Discipline - Maturity is 15 years, encouraging regular savings. You can extend in 5-year blocks.
6. Flexible Withdrawals and Loans - Partial withdrawals are allowed after 7 years. Loans are available from years 3 to 6.
7. Low Minimum Investment - Start with just ₹500 per year. Invest up to ₹1.5 lakh annually.
8. Creditor Protection - PPF savings cannot be attached by creditors, even in financial trouble.
9. Easy Account Opening - Open and manage your PPF account easily online with banks like Bank of Maharashtra.
10. Nomination and Inheritance - Nominate a family member. Funds transfer smoothly to your nominee if required.

How to Use Wishfin Bank of Maharashtra PPF Calculator?

Access the Calculator : Go to the Wishfin Bank of Maharashtra PPF Calculator.

Select Investment Frequency : Choose how often you plan to invest in your PPF account. Options include:

• Monthly
• Quarterly
• Half-Yearly
• Yearly

Enter Investment Amount : Input the amount you intend to invest per installment. The annual investment amount must be at least ₹500, while the maximum limit is ₹1,50,000 per financial year.

Input Interest Rate : Enter the current PPF interest rate. As of now, the rate is 7.1% per annum, but it is subject to change quarterly as per government announcements.

Set Investment Tenure : Choose the length of time you wish to invest. The standard PPF tenure is 15 years, but you can extend it in blocks of 5 years up to a maximum of 50 years.

Review Calculated Results : Once all inputs are provided, the calculator will display:

• Total Investment : The cumulative amount you've invested over the chosen tenure.
• Total Interest : The interest earned on your investments.
• Maturity Value : The total amount you'll receive at the end of the investment period.

Formula Used To Calculate Bank of Maharashtra PPF Scheme

The Bank of Maharashtra PPF Calculator uses the following formula to estimate the maturity amount at the end of the investment tenure:

• F = P × [({(1 + i)ⁿ} – 1) / i]

Where:

• F = Maturity value of the PPF account
• P = Annual contribution made to the PPF
• i = Rate of interest (compounded annually)
• n = The total investment period, usually set at 15 years for a PPF account.

This formula helps calculate the future value of your annual investments, compounded annually at the applicable interest rate over the chosen tenure. It assumes that the investment is made at the beginning of each financial year.

Benefits of Using the Wishfin PPF Calculator

• Instant Results : Quickly assess potential returns without manual calculations.
  
• User-Friendly Interface : Simple inputs make it accessible for all users.
  
• Flexible Planning : Experiment with different investment amounts and frequencies to see how they impact your maturity value.
  
• Free Access : The calculator is available online at no cost, allowing you to plan your investments conveniently.

Salient Features of Bank of Maharashtra PPF Account

1. Availability:
   The Public Provident Fund (PPF) Account under the PPF Scheme, 1968, can be opened at all Bank of Maharashtra branches.
   
2. Eligibility Criteria:

• PPF accounts can be opened exclusively by individuals.
• HUFs, Trusts, and other juristic entities are not permitted to open new PPF accounts after 13 May 2005. However, existing accounts opened before this date will continue until maturity.
• NRIs cannot open a PPF account, they are not eligible for it.

3. Number of Accounts:

• A person can open only one PPF account in their name.
• If two accounts are opened accidentally, the second will be treated as irregular and will not earn interest unless amalgamated with prior approval from the Ministry of Finance.

4. PPF Account for Minors:

• A PPF account can be opened on behalf of a minor child by either the father or the mother, not both.
• Grandparents can open an account for a minor only if both parents are deceased or legally incapacitated.
• Upon attaining majority, the minor must continue the account in their name by submitting a revised application with the guardian’s or a known person’s attestation.

5. Tenure:

• The PPF account comes with a fixed term of 15 years, which can be extended in increments of 5 years upon maturity.

6. Joint Accounts & Transfers:

• Joint PPF accounts are not allowed.
• The account is non-transferable and cannot be passed on to another individual.

7. Treatment Upon Maturity:

• After maturity, the subscriber can:
  • Continue the account without further deposits and still earn applicable interest.
  • Make one withdrawal per financial year from the balance.
  • Once the account is continued without deposits for over a year, it cannot be converted back to an account with deposits.
  • A new account cannot be opened until the existing matured account is closed.

8. Irregular Deposits:

• Deposits in accounts deemed irregular (e.g., second accounts or ineligible account holders) will not earn any interest.

Summarising!

The Bank of Maharashtra allows individuals to open a Public Provident Fund (PPF) account under the PPF Scheme, 1968, with a fixed tenure of 15 years. In this scheme, joint accounts are not; one account per person is admitted. After maturity, the account can be retained without further deposits and will continue earning interest; however, no new account can be opened until the old one is closed. Irregular accounts or ineligible deposits will not earn interest. To help investors plan better, the Bank of Maharashtra PPF Calculator can be used to estimate total investment, interest earned, and maturity value based on the user’s contribution amount, tenure, and the applicable interest rate.