Crorepati Calculator: You can also become a millionaire through PPF account (PPF). If there is a plan to raise a fund of Rs 1 crore through PPF, then how much amount will you have to invest. Let me tell you here-
New Delhi: Many types of government schemes are run by the Central Government, but today we tell you about such a scheme, in which you can become a millionaire in a few years by investing money. Yes… you can easily become a millionaire by investing money in Public Provident Fund (PPF). Public Provident Fund is considered to be the best option for long term savings. Here along with good interest, your money will also be safe.
You can also become a millionaire through PPF account. If there is a plan to raise a fund of Rs 1 crore through PPF, then how much amount will you have to invest. Let me tell you here-
In PPF, customers get 5 big benefits-
- get good rate of interest.
- Get the benefit of exemption in income tax.
- Government security is guaranteed.
- Benefit of compounding interest is available.
- Long term investment will get more benefit, big fund ready.
How is interest calculated?
Talking about the calculation of interest in PPF, interest is added on the 5th of the month. You should always keep in mind the 5th of the month. Along with this, your installment should be deposited before that. After this, if money comes in the account, then interest will be added on the same amount, which is in the account before the 5th.
How to make 1 crore fund
The maturity of PPF is 15 years and you can deposit a maximum of Rs 12500 every month in the account i.e. you can invest Rs 1.5 lakh annually. Here you have to make a maximum contribution of Rs 12500 before 5th of every month till maturity. The total value on maturity will be Rs 40,68,209 at 7.1 per cent per annum interest. There is also an option to extend the PPF account by 5-5 years after maturity. In such a situation, if the contribution continues for 25 years, the total value of your investment with compounding interest will be Rs 1.03 crore.
PPF Calculator: For Maturity
- Monthly Deposit- Rs 12,500
- Interest Rate- 7.1% p.a.
- Amount on maturity after 15 years – Rs 40,68,209
- Total Investment- Rs 22,50,000
- How much will be the benefit of interest- Rs 18,18,209
What you have to do for 1 crore fund-
- Maximum Monthly Deposit- Rs 12,500
- Interest Rate- 7.1% p.a.
- Amount on maturity after 25 years – Rs 1.03 crore
- Total Investment- 37,50,000
- Benefit of interest- Rs 65,58,015
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