Do you want guaranteed returns with a safe investment? If yes, then the Post Office PPF scheme is perfect for you! This scheme not only gives you the opportunity to invest for the long term, but also helps you build a good fund with tax exemptions and attractive interest rates. You can start it by visiting the post office or bank, and start with just ₹500!
Safe investment with 7.1% interest: ️
Right now, the Post Office PPF Scheme 2024 is offering an interest rate of 7.1% per annum, which guarantees your returns. It is perfect for those who want to grow their savings without any risk. You can invest up to a maximum of ₹1.5 lakh in a year. And the best part? You also get tax exemption on this investment, which makes it fall under the EEE (Exempt-Exempt-Exempt) category.
Maturity in 15 years, can be extended even further!
The PPF scheme matures in 15 years. But if you want, you can extend it for another 5 years! With this long-term investment, you can gradually create a large fund.
How to create 24 lakhs? Let’s understand
Let’s see how a large fund is created from small investments. Suppose you invest ₹7500 every month, that is, saving ₹250 every day. In a year, your deposit will become ₹90,000. By doing this for 15 years, your total deposit amount will be ₹13,50,000. As per the interest rate of 7.1%, you will get a total of ₹24,40,926! That is, a benefit of ₹ 10,90,926 as interest!
Tax exemption also benefits!
Investing in the Post Office PPF scheme also gives you tax exemption. Under Section 80C of Income Tax, you can get tax exemption on investment up to ₹ 1.5 lakh. And as we told, this scheme comes under the EEE category, that is, no tax on investment, interest and maturity!
Loan also if needed!
If you need money during investment, you can also take a loan on PPF account. This facility is available according to the amount deposited in your account. You can take a loan up to 75% of the deposit amount. This loan is available till maturity and interest rate is applicable on it.
Some questions and answers (FAQs)
1. For how long is a PPF account?
The maturity of a PPF account is 15 years, which can be extended for 5 years.
2. What is the maximum amount you can deposit in a PPF account?
You can deposit up to ₹1.5 lakh in a year.
3. What is the interest rate in a PPF account?
Currently, PPF accounts are getting 7.1% annual interest.
So what are you waiting for? Invest in Post Office PPF scheme today and secure your future!