If you want to keep your future secure, then deposit Rs 100 in Post Office Public Provident Fund on a daily basis, you will get about Rs 10 lakh on maturity.
Post Office Saving Schemes: Today we are going to tell about such a scheme of the post office, in which if you deposit Rs 100 on a daily basis, then you will get about Rs 10 lakh on maturity. Currently, the annual interest rate for this scheme is 7.1 percent. In this, a minimum of Rs 500 has to be deposited in a financial year while a maximum of Rs 1.5 lakh can be deposited.
The name of this post office scheme is Public Provident Fund. The biggest advantage of investing in Post Office Public Provident Fund is that it offers tax relief at three levels. When you invest in this scheme, you get the benefit of deduction under section 80C. Interest income is also completely tax free and the amount received on maturity is also not subject to any kind of tax. Apart from this, loan facility is also available between the third financial year to the sixth financial year of the financial year in which you invest in PPF.
Maturity is of 15 years
The maturity of Post Office Public Provident Fund is 15 years. If you want to continue even after that, then it can be extended in blocks of 5-5 years. Any single adult who is an Indian resident can invest in this scheme. Guardian PPF account can be opened in the name of the minor.
On maturity you will get about 10 lakhs
Currently, the interest rate on PPF is 7.1 percent. Every three months, the Finance Ministry takes a decision regarding the interest rate. Based on the current interest rate, if one invests Rs 100 on a daily basis, then after the maturity of 15 years, he will get Rs 989931. On depositing 100 rupees daily, 36500 rupees will be deposited in a year. In this way the total deposit amount in 15 years will be Rs 547500. During this, the interest income will be Rs 442431. In this way the total amount on maturity will be Rs 989931 which will be completely tax free. He will also be able to avail tax deduction of Rs.36500 per annum during 15 years.
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