If you are also dreaming of becoming a millionaire then you can achieve it. For this you have to develop the habit of investing. PPF Investment: If you are also dreaming of becoming a millionaire then you can achieve it. For this you have to develop the habit of investing. If we make small savings a regular habit, it can accumulate huge sums of money in the coming years.
In this scheme of the government, you will get ₹ 1 crore, just deposit Rs 417 daily, check details
Let us tell you that there are many investment schemes backed by the central government which give good returns without any risk. One such investment option is Public Provident Fund (PPF). PPF is one of the most attractive investment options for risk averse investors.
Also, it is a great choice for investors looking to save money for long-term goals. You can also save money monthly in PPF and get around Rs. 1 crore can be found. Let’s learn how.
PPF Interest Rate and Maturity
Currently, PPF pays interest at the rate of 7.1 per cent per annum and the interest is calculated on a monthly basis. According to the guidelines, investors can invest their money in their PPF account for 15 consecutive years. However, if one does not need the money at the end of 15 years, one can extend the tenure of the PPF account by as many years as needed.
This PPF account can be opened in blocks of five years. Investors can invest a minimum of Rs. 500 and maximum Rs. 1.5 lakh can be invested.
can save tax
PPF currently gives guaranteed returns. As per PPF rules, it has Rs. Investments up to 1.5 lakh are eligible for tax deduction under section 80C of the Income Tax Act, 1961. Explain that it offers higher returns as compared to other fixed investment schemes.
The interest rate of PPF is revised every quarter by the government. At present, the government is offering returns at 7.1% per annum interest rate for all investments made under PPF schemes.
On maturity you will get Rs 1 crore
If you invest wisely in PPF and you invest few thousand rupees every month then you can earn 1 crore rupees on maturity. For this you have to invest 1.5 lakh rupees every year. That is, every month Rs. 12,500. That is, Rs 417 will have to be deposited daily.
After 15 years of investment, when your plan matures, you will get around Rs 40 lakh at 7.1% interest rate. However, investors have the option to enhance the PPF account in blocks of 5 years after the mandatory maturity of 15 years. So, every year in PPF account for 20 years Rs. By investing around Rs 1.5 lakh. 66 lakh will be raised.
If you pay Rs. per year for the next five years. 1.5 lakh, in 25 years your PPF balance is Rs. Will reach around one crore.