If you come under the category of unorganized worker and are planning your retirement, then Indian Post’s PPF (Public Provident Fund) scheme can prove to be the best option for you. You can open an account in this scheme for the convenience of pension.
If you are a salaried person, then you get the benefit of pension facility after retirement. But the workers of the unorganized sector do not get the benefit of any such facility. After old age or retirement, we need pension to manage our expenses in a better way. Due to non-availability of pension benefits, workers in the unorganized sector also face difficulties in managing their daily expenses at the time of retirement or old age. If you also fall in the same category and are planning your retirement, then Indian Post’s PPF (Public Provident Fund) scheme can prove to be the best option for you. Let us know about this scheme.
What is the investment amount
You can start your investment under the Public Provident Fund scheme of the post office with a minimum of Rs 500 annually. At the same time, the maximum amount of investment in this scheme is Rs 1.50 lakh. Depositors in this post office scheme are also eligible for deduction under section 80C of the Income Tax Act.
Rate of interest
At present, the depositor gets the benefit of 7.1 percent interest rate annually by investing in this post office scheme. The interest earned at the end of every financial year is deposited in the depositor’s account. Apart from this, the interest received in this post office scheme is out of the purview of income tax.
What is the maturity period
You can invest for 15 years in the Public Provident Fund scheme of the post office, after which your account will mature. However, the year in which the account was opened is not counted.
Who can open his account
Under the PPF scheme of the post office, any Indian citizen whose age is above 18 years can open his account. Apart from this, the account of a minor can also be opened by his guardian.
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