If you want a large amount for the future, then it is necessary to start investing in Public Provident Fund (PPF) from now on.
In this, you can start investing with a nominal amount of Rs 500. However, today we will tell you how you can arrange 15 lakh rupees after 15 years through this account.
What is the method: If you want 15 lakh rupees, then 5000 thousand rupees will have to be invested every month for this. This investment period will be for 15 years. At present, interest is being given on this account at the rate of 7.10 percent.
Total deposit – Rs 9 lakh
total interest – Rs 6,77,840 at
the time of maturity , about Rs 15 lakh 78 thousand will be available.
About PPF Account: Public Provident Fund Account or PPF Account is a government-sponsored savings scheme. It is a safe investment for long term. Its maturity period is 15 years. However, you can make partial withdrawals even after 5 years with certain conditions including medical emergency. Tax benefit is also available on the interest earned on the funds deposited in the PPF account. One can invest up to Rs 1.5 lakh annually in PPF. If you miss to make your contribution for one year, the account will become inactive.
