Do you want to become a Crorepati and that too without taking any risk. That is, do not lose your money and you become Crorepati (How to achieve your financial target). Expert explains that there is an effective way to do this. For this, the investor will have to resort to the Small Saving Scheme of the Post Office. There is also less risk and financial target is also met.
You must be wondering what is the Small Saving Scheme that will make you a millionaire? There are many types of government schemes that can make your dream come true. But here is the matter of Funds. For example, you want to invest a lump sum or invest slowly.
Invest in slowly to build a big Corpus
According to the expert, if the fund is not collected, then by investing it slowly, a big corpus can be created. Financial planner’s help should be taken for this. If you want to do it yourself then homework is necessary first.
Small Saving scheme
Now let’s talk about which Small Saving scheme will be good for you. According to professional CA and Tax Expert Arvind Kumar Dubey, PPF (Public Provident Fund) scheme will be good for investors if they want to achieve their financial target without risk. Which will make you a millionaire in small savings.
7.1 percent is interest
According to him, you can become a millionaire by depositing small savings in Public Provident Fund (PPF) account. PPF account is getting 7.1 percent interest. Any PPF account matures in 15 years. But it can be extended by 5–5 years.
No effect of inflation
There are 3 ways of saving tax in this scheme. Firstly, there is a benefit of deduction on investment, secondly there is no tax on interest. The lump sum amount received at maturity is also tax free. At present, the interest is 7.1 percent, but the net return is much higher than it is due to being untouched by Inflation.
Daily investment of Rs 300
If you invest around 300 rupees every day in PPF, then after 15 years, you will get Rs 29 lakh 29 thousand 111 according to the interest rate of 7.1 percent on Maturity. See Calculation, this scheme matures in 15 years. But if it is increased every 5 years, it will make you a millionaire. You will get Rs 1,11,24,656 on maturity.
May increase maturity period
According to Arvind Dubey, the scheme can invest up to 1.5 lakh rupees in a business year. But the scheme can be extended after 5–5 years. If it is extended for 15 years, the maturity amount will be Rs 1.11 crore without changing your investment amount.
Advantage of Tax in 3 ways
According to Dubey, deduction is also provided under Section 80C of Income Tax Rules on investment. This will also save your tax. Interest income is completely tax free and maturity amount also. In this way, there is a relief on the tax front three.
Deposit money by the 5th
The interest in PPF is calculated on the basis of the balance on the 5th of every month. So invest on or before 5th date. If there is a lapse of even one day, then interest will not be available for the whole 25 days.
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