PPF Crorepati: If you also want to become a millionaire, then we are going to tell you the best scheme for this. In this scheme, returns of more than 7 percent are given.
New Delhi. Anyone can invest in Post Office Savings Schemes. It is considered the safest to invest in. The account can be opened in a savings scheme with even Rs 100, in which there are many schemes in which you can invest as long as you want. Today we are going to tell you about a scheme where by investing you will become a millionaire. We are talking about the 15-year Public Provident Fund Account Public Provident Fund scheme of India Post.
Long term investment
Public Provident Fund is a better option for long term investment. You are given a return of more than 7 percent on this plan. In PPF, you can invest up to Rs 1.5 lakh in a year, that is, Rs 12,500 per month. If you want to become a millionaire then you have to know how much you will have to invest every month and for how long.
7.1% interest is available on PPF
At present, the government gives an annual interest of 7.1% on the PPF account. Investment in this is made for 15 years. Accordingly, the total value of investment of Rs 12500 for the month will become Rs 40,68,209 after 15 years. The total investment in this is Rs 22.5 lakh and interest is Rs 18,18,209.
Maturity is given according to the investment
An investment of Rs 500 to Rs 1,50,000 can be made in the PPF scheme during a financial year and deposits can be made in lump sum or investment. Any Indian citizen above the age of 18 years can open a PPF account. While investing in this scheme, exemption is also given under section 80C of the Income Tax Act. Maturity is given according to your investment in this plan.
Features of this plan
- In this, you can invest as much money as you want for five years to 15 years.
- You can collect the maturity payment by submitting the account closure form along with the passbook at the post office.
- In this plan, you can take one withdrawal in a year or can take full payment anytime.
- In this, you can extend the investment limit of five years even further.
How to become a millionaire
1. Suppose you are 30 years old and you have started investing in PPF.
2. After depositing Rs 12500 every month in PPF for 15 years, you will have Rs 40,68,209.
3. Now this money does not have to be withdrawn, you keep on moving the PPF for a period of 5-5 years.
4. That is, after 15 years, keep investing for 5 more years, that is, after 20 years this amount will be – Rs 66,58,288.
5. When it is 20 years, then extend the investment for the next 5 years, that is, after 25 years the amount will be – Rs 1,03,08,015.
