The post office scheme is considered better in terms of security. There are many schemes in this which can also get great returns. One of these is Public Provident Fund Scheme ie PPF. By investing Rs 100 per day in this scheme, you can get an amount of more than 9 lakhs.
These post office schemes are not only safe and risk-free, but they also give returns up to double that of bank deposits. At present, an interest rate of 7.1 percent is being given on PPF. You get the facility of loan against PPF. From the financial year from which you start investing, you get the facility of loan from the next financial year. You can take this benefit for a period of five years.
The loan amount is available up to 25 percent of the amount deposited in the account. The loan can be taken only once in a year. This scheme has a lock-in period of five years. After this, money can be withdrawn once in a financial year. This can be up to 50 percent of the amount deposited in your account. If the account holder becomes ill or needs money for higher education of himself or children, then the account holder can take advantage of the facility of premature closure.
However, some charges will be deducted during this period. The interest income on maturity will be completely tax free. Its maturity period is 15 years. If you want, you can increase it for 5 years. If you invest Rs 100 daily and do it for 15 years, then the total deposit amount will be Rs 547500.
