CURRENT AFFAIRS

Detailed explanation-1: -PPF stands for Public Provident Fund. It was introduced in 1968 for the aim to mobilize small savings into an investment with reasonable returns with additional benefits to save tax. It helps one build a retirement corpus. The current PPF account interest rate on PPF is 7.1% compounded annually.

Detailed explanation-2: -However, interest rates of the Public Provident Fund have not been changed for this quarter as well. For PPF accounts, the current interest rate for Q4 (January through March) of FY 2022–23 has been set at 7.1%. Here are important features of PPF according to the SBI website. A minimum of Rs.

Detailed explanation-3: -Public Provident Fund (PPF): The Institute of Chartered Accountants of India (ICAI) recently demanded in the pre-budget memorandum 2023 that the PPF investment limit should be increased to ₹3 lakh per year from the current limit of ₹1.5 lakh.

Detailed explanation-4: -Govt. notifies that there is no change in interest rates for Small Saving Schemes (NSC, PPF, KVP, SSAS, SCSS, etc.) in respect of Q1, Q2, Q3 and Q4 of FY 2021-22 (01/04/2021 to 31/03/2022), as compared to the interest rates applicable in respect of Q4 of FY 2020-21 (01/01/2021 to 31/03/2021).

Detailed explanation-5: -Public Provident Fund (PPF) Interest Rate 2023: The current interest rate on PPF deposits is 7.1%. No change in PPF account interest rate was announced on December 30. This means, the same 7.1% interest rate would be applicable to PPF deposits made in the first quarter of New Year 2023.