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POSTED BY ON November 14, 2011 1:44 am COMMENTS (7)
We all read that various post office products were rehauled at the end of last week. PPF now earns 8.6% andl limit is increased to Rs. 100,000 per year.
I was unable to find any one newspaper article from when the increased contribution is effective. Can I contribute 100,000 to my PPF for this FY before Mar 31, 2012? Link to any such article please.
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Dear Dominic Prakash, the notifications has been done last week. Just google the same. From now on wards i.e. 1st Dec. 2011, you may invest full 1L Rs. in PPF.
Thanks
Ashal
Dear Dominic Prakash
Yes it is official. from today the interest rate hike is implemented. Yes you can increase the amount to 1 lakh.
Is this official yet? Can I increase the amount to 1lak? Where can I get the official details?
Dear manickkam, The PPF Rate was never fixed. Once upon a time it was 12% & gradually Govt. bring it down to 8%. it’s not that the rate was fixed @ 8%, the fact is – Govt. did not exercise it’s right to change the rate for past 7-8 years. Now after the recent developments, please do note, interest rates ‘ll be announced on or before 1st of april for every FY. The rate ‘ll be applicable for all existing & new PPF accounts for that FY.
FYI – One can not open several PPF accounts.
Thanks
Ashal
I heard the rate is linked to the Govt. bonds now and it can change every time in the future along with the 10-years rate.
Do you think it is applicable for even those who already have a PPF? I don’t think so.
For this to be applicable, you have to open a new account.
Dear Justgrowmymoney, please wait for few days. The decision has been taken but it’s yet to be notified officially. May be by the end of this week or end of this month, the same ‘ll be notified.
Thanks
Ashal
Thanks Ashal