Canara Bank PPF Calculator
What is Canara Bank PPF Calculator?
Canara Bank PPF calculator helps in estimating PPF returns. You can determine the potential returns of a Canara Bank PPF account by entering data inputs such as the yearly investment amount and duration of the investment. The calculator calculates the potential returns based on the inputs provided. Also, this calculator helps in determining the potential wealth gain through PPF investments. Therefore, the calculator automatically computes the maturity amount and also the wealth gained from the PPF investment.
Canara Bank PPF Calculator Requirement
The PPF calculator requires the following inputs.
- Yearly Investment: The amount you wish to invest in a Canara Bank PPF account in a year. The minimum and maximum investment amount for a PPF account is Rs. 500 and up to INR 1.5lakhs in a year, respectively.
- Duration of Investment (in years): A PPF account has a lock-in period of 15 years. Also, the investment duration can be extended for a block period of five years, and there is no limit on extension.
- Current Interest Rate (%): The current PPF interest rate is 7.10% p.a. for 2023 May and PPF interest rates are announced every quarter. Also, the interest rate automatically appears in the Scripbox calculator. Moreover, Scripbox updates the Canara Bank PPF calculator with the current interest rates from time to time.
Canara Bank PPF Maturity Value Calculation
With the given inputs, the PPF calculator determines the following values:
- Total Investment: Sum of all investments during PPF investment tenure.
- Wealth Gained: The total interest earned on the total PPF investment.
- Maturity Amount: The maturity amount is the total amount you can expect from your Canara Bank PPF investments.
How to use the Canara Bank PPF Calculator?
Scripbox’s Canara Bank PPF calculator is available online and is free to use. This calculator is helpful to determine the potential PPF returns by the following steps.
- Firstly, visit the Scripbox website.
- Next, enter the amount to be invested.
- Enter the PPF investment duration.
- After entering the details, the calculator will provide the total corpus created at the end of the investment period.
Let us understand how to use Scripbox’s Canara Bank PPF Calculator with the help of an example. Ms Sandhya would like to determine her potential returns from Canara Bank PPF investments. The yearly investment amount she wishes to invest is INR 1,20,000 and for a tenure of 15 years. The current Canara Bank PPF interest rate is 7.10% p.a..
The PPF calculator estimates the following based on the above inputs:
- Total Investment: INR 18,00,000
- Wealth gained: INR 14,54,567
- Maturity value: INR 32,54,567
Therefore, Ms Reshma’s potential return from Canara Bank PPF investment is INR 32,54,567 by the end of her investment tenure.