PPF Scheme is very popular for its safe investment and strong returns. A whopping interest of 7.1 percent is being offered by the government on investment in this scheme. In this one has to invest for 15 years.
Everyone saves some of their earnings and wants to invest it in a place where their money is not only safe but also gives strong returns. Although many saving plans are available for this, but among them there is one government scheme, which is very popular. Yes, we are talking about the Public Provident Fund of the Post Office, it has great benefits in terms of long term investment. In this scheme, you can accumulate a fund of Rs 24 lakh for yourself by saving just Rs 250 daily. Let us know how…
More than 7% interest and tax benefits
Not only is excellent interest offered on investment in Public Provident Fund, the government itself guarantees the security of your investment. Talking about PPF interest rate, a strong interest of 7.1 percent is offered on investing in it. Along with this, tax benefits are also available in the post office scheme. That means, along with excellent returns, it is also great in terms of savings.
PPF scheme is an EEE category scheme, that is, whatever investment is made in it every year remains absolutely tax free. Apart from this, investors do not have to pay any tax on the interest received as well as the funds received on maturity.
How will you be able to deposit Rs 24 lakh?
Now let us talk about how and by when one can accumulate a fund of Rs 24 lakh in this scheme with daily savings of just Rs 250. So its calculation is also very easy. If you save Rs 250 daily, then your savings every month becomes Rs 7500 and on an annual basis, you save Rs 90,000. You will have to invest this money in PPF every year for 15 years.
Actually, the investment limit in PPF Scheme is 15 years. That is, in 15 years, your total deposit of Rs 90,000 every year will be Rs 13,50,000 and if we look at the interest on it at the rate of 7.1 percent, it will be Rs 10,90,926 and you will get a total of Rs 24,40,926 on maturity. .
Account can be opened with Rs 500
In the Post Office Public Provident Fund Scheme, you can open an account with just Rs 500 and a maximum investment of up to Rs 1.5 lakh can be made every year. Apart from returns and tax benefits, the benefit of loan facility is also available in it. The special thing is that compared to unsecured loan, loan taken against PPF investment is cheaper.
In this scheme, loan under investment is given on the basis of your deposit amount and for this you have to pay up to one percent more than the interest received in the scheme. That means, if you take a loan through PPF investment, then you will get interest at the rate of 8.1 percent.
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