New Delhi, Business Desk. Everyone’s dream is to become rich, but there are few people who can fulfill this dream. Actually, people earn, but the expenses are so much, that it becomes difficult to save anything. Today we are going to tell you about such a scheme, which will take time, but through it you will easily become rich. The name of this scheme is Public Provident Fund. In this scheme, you can create a fund of Rs 54.47 lakh by saving Rs 100 daily.
PPF is a small savings scheme. It is a government-supported saving scheme. You can also save income tax of Rs 1.5 lakh every year by investing in this scheme. Under Section 80C of the Income Tax Act, this tax exemption can be obtained by selecting the old tax slab.
This scheme provides a guaranteed return of 7.1 percent. The period of maturity in this scheme is 15 years. If the investor wants, then he can prepare a big fund by investing for more than 15 years. The younger you start investing in this scheme, the sooner you can become rich by preparing a big fund.
The person earns as long as the experts recommend to continue contributing to the PPF account. Investors can continue their account for any period even after 15 years of maturity. For this, the investor has to submit Form-H within one year of maturity. Continuing PPF account even after maturity brings double benefit to the investor. He also gets interest on PPF interest deposited in PPF account.
In this long-term investment, the person finally gets a big profit. If an investor starts investing in a PPF account at the age of 25 and has a retirement age of 60 years, he can contribute to the PPF account for a total of 35 years. If that person saves Rs 3,000 from his monthly salary (Rs 100 per day) and deposits it in PPF account, then according to his PPF contribution of up to 35 years and interest rate of 7.1 percent, in the end, his total 54.47 lakh rupees.
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