PPF Calculator: PPF account with maturity of 15 years is a better way to raise funds for salaried people. The special thing about this account is that even after maturity, it can be extended for 5-5 years.
New Delhi. Public Provident Fund is a better option for long term investment. For salaried people, PPF account with maturity of 15 years is considered a better way to raise future funds. The special thing about this account is that it can be extended for 5-5 years even after maturity (PPF Maturity). In such a situation, if you join the scheme even at the age of 30 to 35 years, then in 25 years only you can become a millionaire through PPF.
Financial sector experts also advise that if you do not need the fund at the maturity of 15 years, then it should be extended further. The special thing is that you can also take advantage of tax rebate from PPF account. The interest and maturity income earned in this is also tax free.
How to get benefit from PPF?
The maturity of PPF account is 15 years. Interest is getting on this account at 7.1 percent per annum compounding. In this, you can deposit a maximum of 1.5 lakh rupees in a year. In this context, on the maturity of 25 years, you can create a maximum fund of Rs 62 lakh (PPF Maturity Benefits).
Understand how to become a millionaire PPF calculator
If you put 250 rupees every day in PPF account, then this amount becomes 7500 rupees in a month. In this way, in a year this amount reaches Rs 90,000. If you invest in PPF account for 25 years, then by this period you will have deposited Rs 22.50 lakh. With this, on completion of 25 years of maturity, you get a huge amount of Rs 61,84,809. In this, Rs 39,34,809 is of interest.
Investment limit in PPF account can be deposited up to Rs 1.50 lakh
In a PPF account, a maximum amount of Rs 1.50 lakh can be deposited in a financial year. This maximum investment can also be done in 12 installments. It is necessary to invest at least Rs 500 in this. The special thing is that PPF account can be started in the name of a child below the age of 10 years. However, the guardian has to maintain the account till he attains majority.