How a deposit of ₹60,000 can make you a millionaire: Know the complete plan

of post office Public Provident Fund (PPF) Accounts are a great way to protect and grow your money. This scheme not only provides a good return on your investment, but it also Tax exemption also Gives benefit of. Let us know how by depositing only Rs 60,000 annually, you can get a fund of Rs 16,27,284 in 15 years.

What is PPF scheme?

Post Office PPF Scheme, a government supported long term investment plan is, which you tax free interest And gives maturity amount. Its lock-in period is 15 years, and after that you can extend it for another 5 years. Interest received on this scheme as determined by the Government from time to timeand currently it is approximately 7.1% Is.

How to get profit of Rs 16,27,284?

investment process

If you deposit Rs 60,000 every year in this PPF account, you can avail the benefits of your investment like this:

• investment per month: ₹5,000 (₹60,000 annually)
• time period: 15 years
• interest rate: Around 7.1% (Interest rate may change from time to time)

PPF calculation

At the end of 15 years, by depositing ₹60,000 annually, you will get:

• total investment amount: ₹9,00,000 (in 15 years)
• maturity amount: ₹16,27,284 (including interest)

Thus, your total investment after 15 years will be approximately ₹16,27,284 It will be Rs., out of which Rs. 7,27,284 will be received only as interest.

Benefits of PPF scheme

1. tax exemption: On investment made in PPF account Section 80C Exemption is available under.
2. safe investment: This is a government scheme, due to which there is no risk on your money.
3. long term investment: Having a lock-in period of 15 years it is a stable and safe investment.
4. tax exemption on interest: The interest received in this account is completely tax-free.
5. loan facility: After 3 years, you can also take a loan against this account, which can serve as your emergency fund.

How to open PPF account?

You can go to your nearest post office or bank branch You can open PPF account in. For this, documents like Aadhar card, PAN card, passport size photo and address proof are required.