look news india
Post Office PPF Scheme: Most of the people in the country dream of becoming millionaires but very few people work on how to fulfill this dream. If you are a salaried class person, it is advisable to invest right at the beginning of the job. The longer you invest, the better returns you can get. Here we are telling you about a scheme of the post office which can make you a millionaire.
This post office scheme can make you a millionaire
If you deposit Rs 12,500 every month in PPF account and invest it for 15 years. That means you will have to save Rs 417 and invest daily. So you will get a total of Rs 40.68 lakh on maturity. Your total investment in this will be Rs 22.50 lakh, while your interest income will be Rs 18.18 lakh. This calculation has been done on the basis of 7.1% annual interest for the next 15 years. The maturity amount may change when the interest rate changes. Interest in PPF is available on compound basis.
This way you will become a millionaire
If you want to become a millionaire through this scheme, then after 15 years it will have to be extended twice for 5 years each. That means now your investment period will be 25 years. After 25 years you will get a total of Rs 1.03 crore. Your total investment during this period will be Rs 37.50 lakh, while you will get Rs 65.58 lakh as interest income. Keep in mind that if you want to extend your PPF account, you will have to apply one year before maturity. The account will not be extended after maturity.
get tax exemption
The biggest advantage of the PPF scheme is that it provides tax exemption under Section 80C of the Income Tax Act. In this scheme you can avail discount on investment up to Rs 1.5 lakh. There is no tax on the interest received on PPF. Most importantly, the government promotes small savings schemes. Therefore it is completely safe to invest in it.