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What Is Allahabad Bank PPF Calculator?
The Public Provident Fund (PPF) is a highly favoured investment scheme in India. It is backed by the government and is popular for several reasons, including attractive interest rates, tax advantages, and the assurance that the principal amount invested will remain safe. However, they have a lock-in period of 15 years, and it makes sense to calculate the returns beforehand to know whether it will be worthwhile to invest for a tenure that long. PPF return calculators come in handy here.
If you are contemplating opening a PPF account with Allahabad Bank, you can use Angel One’s Allahabad Bank PPF calculator to compute your returns quickly without any hassles. This user-friendly tool considers the principal amount, expected interest rate of return, and tenure of your investment to compute the maturity amount and the total interest you will earn.
Whether you are an experienced investor or a novice, the online Allahabad Bank PPF calculator makes it effortless to determine the potential returns on your PPF investments and visualise the growth of your investments over time.
How Does a Allahabad Bank PPF Calculator Work?
A PPF calculator is an online tool that simplifies the calculation of interest and returns on your PPF investments.
The Allahabad Bank PPF calculator considers factors such as the investment amount, investment duration (with a default lock-in period of 15 years for PPF accounts), and the interest rate. Note that the interest rate is predetermined by the government and is subject to change every quarter.
Once you enter the yearly investment amount, the Angel One Allahabad Bank PPF calculator accurately estimates the maturity amount and interest income.
What Is the Allahabad Bank PPF Calculator Formula?
The Allahabad Bank PPF calculator formula is below:
- F = P [({(1+i) ^n} -1) /i]
- Where,
- F is the maturity value of the PPF
- P is the annual instalments
- i is the interest rate
- n is the number of years
How To Use the Allahabad Bank PPF Calculator Online?
To use the Allahabad Bank PPF calculator on Angel One, follow these steps:
- Step 1: Visit Angel One and navigate to the Allahabad Bank PPF calculator page.
- Step 2: Enter the yearly investment amount.
- Step 3: The interest rate and tenure are auto-filled. The PPF calculator will process the information and generate the maturity amount, interest earned, and the total amount you have invested.
Let’s look at an example to understand it better. Suppose you plan to invest Rs. 5,500 per month (equivalent to Rs. 66,000 per year) in a PPF scheme. Considering the annual interest rate is 7.1% and an investment period of 15 years, your PPF account will mature to a value of Rs. 17,90,012. Throughout the 15 years, your total investment will amount to Rs. 9,90,000, while the interest accumulated on your investment will be Rs. 8,00,012.
Benefits of using Allahabad Bank PPF Calculator
Listed below are the primary benefits of using the online Allahabad Bank PPF calculator:
- Accurate financial projection: The Allahabad Bank PPF calculator on Angel One provides accurate return estimates, allowing you to plan for your financial goals confidently.
- Convenience and time efficiency: With the user-friendly online Allahabad Bank PPF calculator, you can instantly calculate the potential growth of your PPF investment without tedious manual calculations. The digital interface streamlines the process, saving valuable time and effort.
- Enhanced investment planning: By experimenting with various scenarios and adjusting the input parameters, you can devise an optimised investment strategy that aligns with your financial aspirations and risk tolerance. It empowers you to make well-informed decisions, ensuring your financial well-being in the long run.
- Free to use: The online Allahabad Bank PPF calculator is completely free of charge. You can use it anytime, anywhere, through an internet-powered device.