PPF Calculator: Public Provident Fund (PPF) is a scheme that has been started by the government. In such a situation, the possibility of losing money here remains negligible. Also, if someone invests here, he will get an exemption of Rs 1.50 lakh under section 80C of the Income Tax Act. At present, interest of 7.10% is being given here. Let us know how you can become a millionaire by investing in this scheme.
According to tax and investment experts, one can invest in PPF account for 15 years. But it can be extended even further after 5-5 years. That is, any person here can continue investing even after 15 years. In such a situation, if you invest in this scheme properly, then you can also become a millionaire.
On the question of becoming a millionaire through this scheme, Sebi Registered Tax and Investment Expert Jitendra Solanki says, “If you want to become a millionaire through this scheme, then it is important that you have to break the limit of 1.50 lakhs.” Manikaran Singhal, Founder, Goodmoneying.com says that the PPF account can be extended over a period of 5 years. After investing for 15 years in the beginning, you can increase it several times by doing 5-5 years. There is no limit to increase the limit.
How much investment will have to be done to become a millionaire
If we retain the current interest rate of 7.1 per cent for the next 30, you will have to deposit Rs 1,08,000 annually. That is, 9 thousand rupees of the month will have to be invested in it. You have to continue this investment for the next 30 years. During this, you will invest about Rs 32,40,000, on which you will get interest of Rs 78,84,656. But keep in mind that after 15 years you have to increase the time every 5 years.
