PPF: In the era of inflation, it is becoming very difficult for people to save for the future by running their daily expenses. The Public Provident Fund (PPF) scheme of the post office can prove to be the best for you to meet your long-term goals and increase your savings.
This scheme not only gives you the option of safe savings, but you can also become a millionaire by saving in it. At present, 7.1 percent interest is being received on this. We are telling you about it in detail…
Minimum investment will be Rs 500
PPF account can be opened with just Rs 500. You can deposit up to a maximum of Rs 1.5 lakh annually in your PPF account.
You will get 40 lakhs on maturity on saving 12,500
If you deposit Rs 12,500 in your PPF account every month, you will get a total of Rs 40.68 lakh on maturity. PPF account matures in 15 years. However, after maturity, you can also extend it for 5-5 years. That is, you can invest in this scheme for a total of 25 years. You can withdraw your money after 15, 20 or 25 years.
| monthly investment | 15 years will get this much money (Rs) | 20 years will get this much money (Rs) | 25 years will get this much money (Rs) |
|---|---|---|---|
| 1000 | 3.18 | 5.24 | 8.17 |
| 2000 | 6.37 | 10.49 | 16.35 |
| 3000 | 9.55 | 15.73 | 24.52 |
| 5000 | 15.92 | 26.23 | 44.88 |
| 10,000 | 31.85 | 52.45 | 81.76 |
| 12,500 | 39.82 | 65.57 | 1.02 crore |
Can’t withdraw money for 5 years
However, you cannot withdraw your money for the next 5 years from the year of opening the PPF account. After completion of 5 years money can be withdrawn by filling Form 2. However, if you withdraw the money before 15 years, you will have to pay a penalty of 1%.
Who can open PPF account?
Any person can open this account in his name in any post office or bank. In addition, the account can also be opened for any other person on behalf of the minor.
Where can PPF account be opened?
You can open your PPF account in any bank or post office. You can open it for your child in your name. However, PPF account cannot be opened in the name of Hindu Undivided Family (HUF).
How to get 1 crore rupees?
If you want to become a millionaire through PPF savings, then you must have kept the investment for 25 years. In this, you will get Rs 1.03 crore on maturity by depositing a total of Rs 37.50 lakh with an interest of Rs 65.58 lakh at the current 7.1% annual interest rate.
