NATARAJAN SRINIVASAN (SELF-EMPLOYED) 05 April 2012
I have recently opened PPF account at SBI. i.e. on 09 February 2012 and i deposited the sum of Rs 100000 /- ( 1 lakh only).
The bank credited interest of Rs 717 ( Seven Hundred Seven Only) as of 31 March 2012.
The interest rate was 8.6 % at that time.
I am of the opinion that i should get Rs 8600/- instead of Rs 717.
Please confirm whether my understanding is correct or not.
Kumar Doab (FIN) 05 April 2012
Your funds have remained for 51 days in a/c and you are eligible for the interest for this period @ 8.6%/pa.
The bank staff handling PPF shall be happy to give the mathematical formulae applied by their system and calculate the amount if interest in your presence.
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