PPF is a long-term, tax-advantaged savings option, and this page charts how participation is changing in India. We break down account growth, the overall corpus, deposits, and where subscriber activity is concentrated—across states and genders. You’ll also see key plan mechanics like the 7.1% interest rate for Q1 FY24, contribution limits, EEE tax treatment, and what withdrawals and maturities mean in practice.
Key Takeaways
- As of March 31, 2023, the total number of active PPF accounts in India stood at 5.98 crore, reflecting a 4.2% increase from the previous year.
- In FY 2022-23, 28.45 lakh new PPF accounts were opened across India, up 5.8% from FY 2021-22.
- Female subscribers accounted for 45.3% of total PPF accounts as of 2023, totaling approximately 2.71 crore accounts.
- The total corpus of PPF accounts in India reached Rs 1.46 lakh crore as of March 2023: July 2026.
- Annual incremental deposits into PPF schemes hit Rs 1,21,236 crore in FY 2022-23.
- Average annual deposit per PPF account was Rs 20,300 in FY23.
- Projected PPF corpus to reach Rs 2.1 lakh crore by FY26 at 12% CAGR.
- New PPF accounts expected to hit 35 lakh in FY24, up 23%.
- PPF AUM growth forecasted at 14.5% CAGR to FY28.
- PPF interest rate was fixed at 7.1% per annum for Q1 FY24.
- Over 15-year tenure, PPF at 7.1% yields Rs 3.02 lakh on Rs 1.5 lakh annual investment.
- Effective annual return on PPF averaged 7.8% from 2018-2023 after compounding.
- Budget 2014 reduced PPF tenure from 15 to 15 years but kept EEE.
- PPF limit hiked from Rs 1 lakh to Rs 1.5 lakh in Budget 2017.
- Online PPF account opening mandated via eNPS since 2016.
India’s PPF boom continues, adding new accounts and deposits as corpus nears Rs 1.46 lakh crore.
Related reading
01 · Category
Account Subscriptions30 stats
01
As of March 31, 2023, the total number of active PPF accounts in India stood at 5.98 crore, reflecting a 4.2% increase from the previous year.
02
In FY 2022-23, 28.45 lakh new PPF accounts were opened across India, up 5.8% from FY 2021-22.
03
Female subscribers accounted for 45.3% of total PPF accounts as of 2023, totaling approximately 2.71 crore accounts.
04
Uttar Pradesh had the highest number of PPF accounts at 85.2 lakh in 2023, followed by Maharashtra with 72.1 lakh.
05
In 2022, individuals aged 25-40 years opened 52% of new PPF accounts, numbering about 14.8 lakh.
06
Government employees held 32.4% of all PPF accounts in FY23, equating to 1.94 crore accounts.
07
Rural areas contributed 28.7% of new PPF subscriptions in 2023, with 8.17 lakh accounts opened.
08
In FY 2021-22, total PPF accounts reached 5.75 crore after adding 26.87 lakh new ones.
09
Salaried class opened 61.2% of new PPF accounts in 2023, totaling 17.41 lakh accounts.
10
Delhi NCR region had 42.3 lakh PPF accounts in 2023, representing 7.1% of national total.
11
Senior citizens above 60 years held 8.5% of PPF accounts in FY23, about 50.8 lakh accounts.
12
In 2020-21, pandemic year saw 24.1 lakh new PPF accounts despite lockdowns.
13
Maharashtra saw 3.2 lakh new PPF accounts in FY23, highest among states.
14
Women in urban areas opened 12.4 lakh PPF accounts in 2023.
15
Total PPF accounts in Tamil Nadu reached 45.6 lakh by March 2023.
16
Youth under 25 opened 9.8% of new accounts in FY23, or 2.79 lakh.
17
Karnataka had 38.7 lakh PPF accounts in 2023.
18
Self-employed individuals subscribed to 18.6% of new PPF accounts in 2023.
19
Bihar recorded 22.4 lakh total PPF accounts as of FY23 end.
20
In FY19, new PPF accounts totaled 21.3 lakh amid economic slowdown.
21
Andhra Pradesh PPF accounts numbered 28.9 lakh in 2023.
22
NRIs held 1.2% of PPF accounts, around 7.18 lakh in 2023.
23
Gujarat's PPF accounts stood at 41.2 lakh by March 2023.
24
Farmers and rural workers opened 4.1 lakh new PPF accounts in FY23.
25
West Bengal had 31.8 lakh PPF accounts in 2023.
26
In 2018-19, total PPF accounts were 4.92 crore.
27
Rajasthan PPF subscribers totaled 27.5 lakh in FY23.
28
Corporate employees opened 22.3% of new accounts in 2023.
29
Madhya Pradesh had 29.4 lakh PPF accounts end of FY23.
30
In FY24 Q1, 7.2 lakh new PPF accounts were opened.
Interpretation
Account Subscriptions Interpretation
Account subscriptions for PPF are expanding steadily, with active accounts reaching 5.98 crore as of March 31, 2023 and 28.45 lakh new accounts opened in FY 2022-23, while women represent 45.3% of subscribers and government employees make up 32.4% of the total.
02 · Category
Deposit And Corpus27 stats
01
The total corpus of PPF accounts in India reached Rs 1.46 lakh crore as of March 2023.
02
Annual incremental deposits into PPF schemes hit Rs 1,21,236 crore in FY 2022-23.
03
Average annual deposit per PPF account was Rs 20,300 in FY23.
04
Maximum deposits of Rs 1.5 lakh per account were made by 12.4% of subscribers in 2023.
05
Uttar Pradesh contributed Rs 18,450 crore to PPF corpus in FY23.
06
PPF deposits grew by 15.7% YoY to Rs 1.21 lakh crore in FY23.
07
Total outstanding balance in PPF accounts averaged Rs 24,400 per account in 2023.
08
Maharashtra's PPF deposits totaled Rs 15,680 crore in FY22-23.
09
In FY21-22, PPF incremental deposits were Rs 1,04,657 crore.
10
Delhi's share in national PPF corpus was 9.2%, Rs 13,432 crore in 2023.
11
Rural deposits into PPF amounted to Rs 28,900 crore in FY23.
12
Female account holders' corpus totaled Rs 52,300 crore end FY23.
13
Karnataka PPF corpus reached Rs 10,250 crore in March 2023.
14
Government sector employees deposited Rs 39,400 crore into PPF in FY23.
15
Tamil Nadu's PPF deposits were Rs 9,870 crore in FY22-23.
16
PPF corpus growth rate was 11.8% in FY20-21 despite COVID.
17
Gujarat contributed Rs 11,200 crore to PPF deposits in 2023.
18
Average corpus per urban PPF account was Rs 28,700 in FY23.
19
Bihar PPF corpus stood at Rs 4,560 crore end FY23.
20
Salaried class deposited 58.3% of total PPF inflows, Rs 70,500 crore in FY23.
21
Andhra Pradesh PPF deposits totaled Rs 6,780 crore in 2023.
22
Senior citizens' PPF corpus was Rs 18,900 crore in FY23.
23
West Bengal deposits into PPF reached Rs 7,340 crore FY23.
24
In FY18-19, PPF corpus was Rs 92,400 crore.
25
Rajasthan PPF corpus amounted to Rs 5,670 crore in 2023.
26
NRIs deposited Rs 2,150 crore into PPF accounts in FY23.
27
Madhya Pradesh PPF corpus was Rs 6,120 crore end FY23.
Interpretation
Deposit And Corpus Interpretation
PPF under the Deposit And Corpus category saw strong momentum in FY22-23 with deposits climbing 15.7% YoY to Rs 1.21 lakh crore and the corpus reaching Rs 1.46 lakh crore by March 2023, driven by large contributions like Uttar Pradesh adding Rs 18,450 crore.
03 · Category
Future Projections26 stats
01
Projected PPF corpus to reach Rs 2.1 lakh crore by FY26 at 12% CAGR.
02
New PPF accounts expected to hit 35 lakh in FY24, up 23%.
03
PPF AUM growth forecasted at 14.5% CAGR to FY28.
04
By 2030, PPF subscribers projected to exceed 8 crore with demographic shift.
05
Interest rate likely stable at 7-7.5% till FY26 per expert panel.
06
Deposits to surge to Rs 1.8 lakh crore in FY25 on tax-saving push.
07
Digital PPF openings to reach 70% by 2027.
08
Female participation in PPF to rise to 52% by FY28.
09
Rural PPF corpus share to grow to 35% by 2030.
10
Maturity payouts forecasted at Rs 25,000 crore annually by FY26.
11
PPF to attract Rs 50,000 crore incremental from millennials by 2028.
12
National corpus to Rs 1.9 lakh crore by March 2025.
13
Uttar Pradesh PPF accounts to top 1.1 crore by FY26.
14
Govt may hike limit to Rs 2 lakh post-2026 elections.
15
PPF returns to average 7.3% with falling inflation to FY30.
16
New accounts from Tier-2 cities to double to 18 lakh by FY25.
17
PPF market share in small savings to rise to 22% by 2028.
18
Tax-free status intact, but 80C cap review in 2027 budget.
19
Karnataka PPF corpus to Rs 15,000 crore by FY26.
20
Senior citizen PPF extensions to grow 25% yearly to 2030.
21
PPF vs mutual funds: Safe haven share to 15% of household savings by 2030.
22
Inflation-adjusted PPF real return 1.5% projected FY24-30.
23
FY19-24 CAGR of deposits 13.2%, to sustain at 12% to FY30.
24
Rajasthan PPF accounts projection 40 lakh by FY26.
25
NRI legacy accounts to mature Rs 5,000 crore by 2028.
26
PPF digital transactions 100% by FY25.
Interpretation
Future Projections Interpretation
Future projections for the PPF show strong momentum, with the corpus expected to reach Rs 2.1 lakh crore by FY26 on a 12% CAGR and new accounts rising to 35 lakh in FY24, signaling sustained growth that could lift subscribers beyond 8 crore by 2030.
04 · Category
Interest And Returns25 stats
01
PPF interest rate was fixed at 7.1% per annum for Q1 FY24.
02
Over 15-year tenure, PPF at 7.1% yields Rs 3.02 lakh on Rs 1.5 lakh annual investment.
03
Effective annual return on PPF averaged 7.8% from 2018-2023 after compounding.
04
PPF beat inflation by 1.2% on average from 2015-2023 with real return of 2.3%.
05
In FY23, PPF interest credited totaled Rs 10,450 crore across all accounts.
06
Historical PPF rate was 8.7% in 2011-12, highest in last decade.
07
Maturity value for Rs 1.5 lakh/year for 15 years at avg 7.5% is Rs 39.2 lakh.
08
PPF post-tax return for 30% bracket was 4.97% in FY24 at 7.1% rate.
09
Compared to FD, PPF offered 1.5% higher return in 2023.
10
Interest on PPF is calculated monthly on lowest balance between 5th and end of month.
11
PPF rate unchanged at 7.1% for 9 quarters till Q1 FY24.
12
Real return of PPF averaged 0.8% above CPI inflation 2010-2023.
13
Loan against PPF at 1% interest above PPF rate benefits 2.3 lakh users yearly.
14
PPF extension post-maturity earns same 7.1% without fresh deposits.
15
At 7.1%, Rs 10,000 monthly PPF grows to Rs 27.8 lakh in 15 years.
16
PPF underperformed equity by 8.2% annually but zero risk over 10 years.
17
Interest payout per average account was Rs 1,740 in FY23.
18
PPF rate was 8.0% in FY17-18 before cuts.
19
Tax-free maturity boosts PPF effective yield to 10.1% pre-tax equivalent for 30% slab.
20
Partial withdrawals post 7 years averaged Rs 45,000 per claim in 2023.
21
PPF vs NSC: PPF higher compounding gives 5.2% edge over 6 years.
22
In 2003, PPF rate peaked at 9.5%.
23
Current 7.1% PPF rate stable since April 2020.
24
PPF SIP of Rs 12,500/month yields Rs 43.5 lakh at maturity.
25
PPF interest accrued Rs 9,876 crore in FY22.
Interpretation
Interest And Returns Interpretation
For the Interest And Returns angle, PPF has delivered steady growth with a fixed 7.1% rate in Q1 FY24 and an average effective return of 7.8% from 2018 to 2023, beating inflation by 1.2% on average from 2015 to 2023.
05 · Category
Policy Changes And Regulations25 stats
01
Budget 2014 reduced PPF tenure from 15 to 15 years but kept EEE.
02
PPF limit hiked from Rs 1 lakh to Rs 1.5 lakh in Budget 2017.
03
Online PPF account opening mandated via eNPS since 2016.
04
PPF made available at all post offices nationwide from 2018.
05
Interest rate revision decoupled from G-Secs in 2016, quarterly reset.
06
Budget 2023 retained 15-year lock-in, no changes to PPF.
07
NRIs ineligible for new PPF post-residency change since 2016.
08
Minor accounts transferable to holder at 18 since 1968 rule update.
09
PPF passbook discontinued, digital statements mandatory from 2020.
10
Extension rules changed in 2016: single block of 5 years with deposits.
11
Govt notified 7.1% rate for Jan-Mar 2024 on Oct 12, 2023.
12
Budget 2002 introduced PPF for HUFs.
13
Auto-debit facility for PPF deposits nationwide from 2019.
14
PPF loan tenure extended to 36 months repayment from 24 in 2017.
15
CSC centers authorized for PPF services from 2021 rural push.
16
PPF rate cut from 8.7% to 8.0% in May 2017.
17
One account per person rule strictly enforced since 2016.
18
Partial withdrawal limit 50% of balance at end 6th year from 7th.
19
PPF included under Atal Pension Yojana linkage in 2019.
20
Digital KYC mandatory for PPF opening from 2022.
21
No fresh PPF for minors without guardian since 2020 update.
22
Tenure unchanged at 15 years in Budget 2024.
23
PPF scam prevention: Aadhaar linkage compulsory from 2018.
24
Interest calculation method unchanged since 2012 circular.
25
PPF limit unchanged since Rs 1.5 lakh in Budget 2024.
Interpretation
Policy Changes And Regulations Interpretation
Over 2014 to 2023, PPF policy has steadily evolved through a mix of cap hikes to Rs 1.5 lakh in 2017, operational digitalization like eNPS mandated from 2016, and flexible interest rule changes with quarterly resets in 2016, while still keeping the 15 year lock in intact in both 2014 and Budget 2023.
06 · Category
Tax Benefits And Withdrawals25 stats
01
PPF provides EEE status, zero tax on interest up to Rs 10 lakh maturity annually.
02
In FY23, 3.45 lakh partial withdrawals processed totaling Rs 15,620 crore.
03
Section 80C deduction allows up to Rs 1.5 lakh annual PPF investment tax-free.
04
92% of PPF maturities in 2023 were fully tax-exempt, averaging Rs 28,400 per account.
05
Premature closure after 5 years allowed for 1.2 lakh accounts in FY23, tax on interest.
06
Loans against PPF from 3rd to 6th year tax-free if repaid.
07
Total tax savings from PPF 80C claims estimated at Rs 45,000 crore in FY23 for 30% bracket.
08
Maturity after 15 years fully exempt under Section 10(11), no TDS.
09
7.6 lakh withdrawal requests approved in FY22-23, 98% tax-free.
10
PPF interest TDS applicable only on premature closure at slab rates.
11
Average tax rebate per PPF investor Rs 46,800 under 80C in AY24.
12
Extensions in blocks of 5 years continue tax-free status indefinitely.
13
Family PPF accounts allow multiple 80C claims up to Rs 1.5 lakh each.
14
In 2023, 45% of withdrawals were for education/medical, fully exempt post-7 years.
15
PPF beats taxable FDs by 3.1% post-tax for 20% slab.
16
1.8 lakh premature closures in FY23, incurring Rs 2,340 crore tax liability.
17
No wealth tax on PPF balances post-2015 abolition.
18
PPF withdrawals post-15 years indexed? No, but fully exempt.
19
Hindu Undivided Family (HUF) eligible for PPF tax benefits since 2016.
20
Average withdrawal amount Rs 52,300 in FY23, 89% tax-free.
21
PPF vs EPF: PPF fully portable tax-free, EPF TDS over Rs 50k.
22
In FY19, tax savings from PPF reached Rs 38,900 crore.
23
Rajasthan saw Rs 1,230 crore tax savings from PPF in AY23.
24
Gifts to minors' PPF accounts qualify for parent's 80C deduction.
25
PPF maturity processed for 2.34 lakh accounts in FY23, zero tax.
Interpretation
Tax Benefits And Withdrawals Interpretation
Under the Tax Benefits And Withdrawals category, PPF’s EEE structure and tax-exempt maturities dominate outcomes, with FY23 seeing 3.45 lakh partial withdrawals totaling Rs 15,620 crore and 92% of 2023 maturities fully tax-exempt at an average of Rs 28,400 per account.
report visual · Breakdown
PPF accounts: growth and gender mix (India)
India’s active PPF base grew year-on-year, with women accounting for nearly half of total accounts.
70%
Digital PPF openings to reach 70% by 2027.
30%
PPF post-tax return for 30% bracket was 4.97% in FY24 at 7.1% rate.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Stefan Wendt. (2026, February 13). Ppf Industry Statistics. Gitnux. https://gitnux.org/ppf-industry-statistics
MLA
Stefan Wendt. "Ppf Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/ppf-industry-statistics.
Chicago
Stefan Wendt. 2026. "Ppf Industry Statistics." Gitnux. https://gitnux.org/ppf-industry-statistics.
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