PPF Investment: PPF is a very popular scheme among employed people. By depositing money in PPF, you can avail better returns as well as tax exemption.
Becoming a millionaire is like a dream for the middle class. If you want to fulfill this dream, then investing is the best way. Long-term investments can easily make you a millionaire. If you are employed, start investing as soon as possible. The longer you stay invested, the better your returns will be. Let’s know about such a government scheme that can make you a guaranteed millionaire in 25 years.
Public Provident Fund (PPF) is the most popular small savings scheme in the country. In this scheme, your money will be safe and you will get good interest on it. PPF is a popular scheme because the money deposited in it, the interest received and the amount received on maturity are completely tax-free. It is included in the EEE scheme of the government. EEE means Exempt. Every year there is an option to claim tax exemption on the deposit. There is no tax on the interest earned every year. The entire amount will be tax-free when the account matures.
How much can you invest in PPF?
Under this scheme, you can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh annually. It takes 15 years for a PPF account to mature.
How much is the interest rate on PPF?
PPF interest rates are higher than fixed deposits offered by banks and post offices. The scheme is offering an interest rate of 7.1 percent from April 1, 2023.
How many years can you invest in PPF?
Any Indian citizen can open a PPF account. One has to invest in PPF scheme for 15 years. If you want to continue it after maturity, then in such a situation, you can extend the PPF account for 5-5 years.