Public Provident Fund: Today we are telling you about such a scheme of post office by investing in which you can get crores of funds on maturity.
Public Provident Fund Scheme: Various schemes are brought from the post office for crores of people of the country. Today we are going to tell you about such a post office scheme by investing in which you can get a huge amount in the long run. The name of this scheme is Public Provident Fund. It is a government scheme which is aloof from market risks. By investing in it, you can get crores of funds in the long run.
Know the special features of Public Provident Fund
Under Public Provident Fund Scheme Details, you can open an account in any post office in the country. This scheme is a safe investment option in which the return is guaranteed by the government. Under this scheme, you get the benefit of compounding interest rate of 7.1% on the deposited amount. In this, the investor can invest from Rs 500 to Rs 1.5 lakh in a financial year. The maturity of PPF account is in 15 years, in which you can extend the investment period for 5-5 years.
How to become a millionaire by investing
If you want to create a fund of crores through PPF of post office, then invest Rs 12,500 every month. If you invest this much continuously for 15 years, then till maturity you will get a total of Rs 40.68 lakh. Out of this, Rs 22.50 lakh is the amount invested and the rest will be the amount of interest. On the other hand, if you extend this account a total of two times for 5-5 years, then after 25 years you will get a total fund of Rs 1.03 crore. Out of this, the amount invested is Rs 37.05 lakh and the amount of interest is Rs 65.58 lakh.
get the benefit of tax exemption
There are many benefits of investing in the Public Provident Fund of the Post Office. The biggest advantage is that you get a deduction of Rs 1.5 lakh under Section 80C of Income Tax on the amount invested in it. Along with this, you can also get a loan against the total amount deposited in PPF account after 3 years. This loan can be up to 75% of the total deposit amount. On the other hand, if you have suddenly needed money, then you can also do partial withdrawal of this money.