To manage your life properly after retirement and to manage expenses properly, it is very important for everyone to have a retirement plan.
Salaried persons get the benefit of pension facility after retirement, but workers in the unorganized sector do not have any such facility. In such a situation, workers in the unorganized sector also have to face difficulties in managing their daily expenses at the time of retirement or old age. If you also fall in the same category and are planning your retirement, then Indian Post’s PPF (Public Provident Fund) scheme can prove to be the best option for you. Let us know about this scheme.
Who can open account
Under the PPF scheme of the post office, any Indian citizen who is an adult can open his account. Apart from this, the account of a minor person can also be opened by his guardian.
How much can you invest
You can start investing in this post office scheme with as little as Rs 500 annually. At the same time, the maximum amount of investment under this is Rs 1.50 lakh. Under this, the depositors are also eligible for deduction under section 80C of the Income Tax Act.
What is interest rate
At present, on investing under this scheme, the depositor gets the benefit of 7.1 percent interest rate annually. The interest is credited to the depositor’s account at the end of every financial year. Apart from this, the interest earned under this is outside the purview of income tax.
Maturity period
You can invest under this for 15 years, after which your account will mature. However, the year in which the account was opened is not counted.
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