HDFC PPF Account Interest rate issue

[skywalker]

Me and my sister own a PPF account in HDFC account, and the interest rate (which is supposed to be 7.1%) gets credited on 1st April of every year.

I just checked and observed that they have credited 3.55% interest rate in my sister’s PPF account and ~3.98% interest rate in my PPF account, which is now extremely frustrating and confusing to me. Has anyone else also experienced the same issue? What can be done in this case, since PPF accounts are regulated and operated by the government I suppose?

 

[thanix]

Me and my sister own a PPF account in HDFC account, and the interest rate (which is supposed to be 7.1%) gets credited on 1st April of every year.

I just checked and observed that they have credited 3.55% interest rate in my sister’s PPF account and ~3.98% interest rate in my PPF account, which is now extremely frustrating and confusing to me. Has anyone else also experienced the same issue? What can be done in this case, since PPF accounts are regulated and operated by the government I suppose?

Is the interest rate field showing these interest rates? Or the paid interest is this much you calculated? 7.1 is annualized rate I think. Also, you need to put money before fifth day of every month to get full interest benefit. Have you created PPF account in middle of FY or adding money in random days?

 

[skywalker]

Is the interest rate field showing these interest rates? Or the paid interest is this much you calculated? 7.1 is annualized rate I think. Also, you need to put money before fifth day of every month to get full interest benefit. Have you created PPF account in middle of FY or adding money in random days?

No, I calculated the interest rate by myself. I’m aware that the interest rate is annualized, but as far as I know, I’m case of PPF accounts, the whole 7.1% interest rate is credited at one go on 1st April each year, in HDFC at least (I might be wrong, please correct me if that’s the case).

My PPF account has been active in HDFC for the past 2 FYs, and I made only 1 or 2 transactions throughout the FY 2022-23. So they should’ve credited the whole 7.1% interest rate at one go I guess, which they didn’t do. What can be done about this? Because PPF accounts are government regulated, right?

 

[Trust Me]

Any resolution?

 

[federer.reddevil]

No, I calculated the interest rate by myself. I’m aware that the interest rate is annualized, but as far as I know, I’m case of PPF accounts, the whole 7.1% interest rate is credited at one go on 1st April each year, in HDFC at least (I might be wrong, please correct me if that’s the case).

My PPF account has been active in HDFC for the past 2 FYs, and I made only 1 or 2 transactions throughout the FY 2022-23. So they should’ve credited the whole 7.1% interest rate at one go I guess, which they didn’t do. What can be done about this? Because PPF accounts are government regulated, right?

When did you credit the amount?

 

[skywalker]

When did you credit the amount?

Around September 2022

 

[skywalker]

Any resolution?

Got to know that the interest on PPF account is calculated on a monthly basis. So you would get proper 7.1% interest rate if you submit the total amount that you want to invest between 1st to 5th April of every year.

Also, if you want to earn the interest for any particular month then you need to credit the amount to your PPF account between 1st to 5th day of that month. If you deposit the amount after that, you won’t get the interest for that month anyhow.