In today’s time, if you are looking for a reliable scheme for long term investment, then Post Office PPF Scheme (Public Provident Fund) is the best option! This scheme not only gives you an opportunity to save, but also creates a good fund for your future. This scheme of the post office is absolutely safe and the return on it is also tax-free, which makes it even more special.
What is Post Office PPF Scheme?
Post Office PPF Scheme is a long term savings plan, in which you can invest a minimum of ₹ 500 and a maximum of ₹ 1.5 lakh every year. This scheme matures in 15 years and gives 7.1% annual compound interest. If you want, you can also extend it twice for 5-5 years.
How to become a millionaire?
If you save ₹150 every day in this scheme, then in 15 years you can deposit up to ₹14,20,032!
Monthly investment: ₹4,500
Yearly investment: ₹54,000
Total investment: ₹8,10,000
Interest: ₹6,10,032
According to the Post Office PPF calculator, this interest will multiply your funds.
Tax benefits and loan facility
Investing in the Post Office PPF scheme gives you a deduction of up to ₹1.5 lakh under Section 80C of Income Tax. The best thing is that there is no tax on the interest received from this scheme. Apart from this, after 3 years of opening the account, you can also take a loan of up to 75% of your investment, which will be very useful for you in an emergency.
Some important questions (FAQs)
Can anyone open a PPF account?
Yes, any Indian citizen can open a PPF account. Minors can also open an account in their name.
Can I deposit more money in a PPF account?
You cannot deposit more than ₹1.5 lakh in a year. If you deposit more than this, no interest will be given on it.
Can a PPF account be closed prematurely?
Yes, you can close the account after 5 years under certain conditions, such as a serious illness or children’s education.
So what are you waiting for? Open a PPF account in the post office today and secure your future!