PPF Crorepati Formula: You can accumulate a huge fund for your future by saving just a small amount every day. In this case, the government’s PPF scheme is quite popular and it can also fulfill your dream of becoming a crorepati.
PPF Crorepati Formula: Everyone wants to save some amount from their income and invest it in a place where their money is safe and they get a good return. These things are especially important in the investment plan of employed people. In this case, the government-run Public Provident Fund (PPF) scheme is quite popular. The special thing is that if you save and invest just Rs 416 daily in this government scheme, then you can become a millionaire in a few years. Let’s understand its calculation…
Getting a great interest of 7.1%
PPF Scheme is a government scheme that gives great benefits. In this, the government itself guarantees that the money will remain safe. On the other hand, if we talk about the interest rate, then the investors investing in it are currently getting an interest rate of 7.1 percent. If you want to collect a big fund for your future, that is, you do not have to face shortage of money after retirement, then investing in this scheme will prove to be a profitable deal.
You can start investing from Rs 500
Talking about starting investment in Public Provident Fund Scheme, then you can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh annually. The maturity period of this scheme is 15 years, but it can be extended for another five years. This formula of extending your investment in this scheme beyond maturity can make you a millionaire.
This is how the dream of becoming a millionaire will be fulfilled
Now let’s talk about how you can fulfill your dream of becoming a millionaire by saving just Rs 416 per day, so let us tell you that its calculation is very simple. Actually, if you save this much amount daily, then every month Rs 12,500 will be collected and annually you will have Rs 1.5 lakh.
If you invest this much amount in PPF Scheme and extend it for 10 years after maturity, that is, instead of withdrawing the amount deposited till maturity, you extend it for five years each, then your investment will become more than Rs 1 crore in 25 years. Yes, if you calculate on the basis of 7.1 percent interest, then after 25 years at the time of maturity you will have Rs 1,03,08,015.
You can also take advantage of tax exemption
This scheme has gained a lot of popularity as a retirement plan. Apart from this, there are many other benefits of investing in it. You can save tax through this. PPF Scheme also provides tax benefits under Section 80C of Income Tax. Apart from this, you can invest in this scheme in lump sum or in installments. The most important thing is that the investment in PPF Investment, the interest received and the amount received on maturity are completely tax free.
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