PPF is a scheme in which you get government guarantee. If you deposit ₹1,00,000 annually in it, you can make yourself a millionaire in some time.
If you want to become a millionaire, investment is necessary for that. If you keep investing in a disciplined manner, you can become a millionaire through schemes like Public Provident Fund (PPF). PPF is a scheme in which you get government guarantee. If you deposit ₹1,00,000 annually in this scheme, which matures in 15 years, you can become a millionaire in a few years. You can deposit one lakh rupees annually in lump sum or you can deposit 8,334 rupees every month. Currently, 7.1 percent interest is being given on PPF. Know here how you can make yourself a millionaire if you deposit ₹1,00,000 annually.
This is how you will become a millionaire
If you deposit Rs 1,00,000 annually in PPF, then you will have to extend this scheme before the completion of 15 years. PPF is extended for 5 years at a time. In such a case, you will have to extend it 3 times. In this way, you will have to continue investing in this scheme for 30 years instead of 15 years.
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In 30 years, you will invest a total of Rs 30,00,000. But at the rate of 7.1 percent, you will get Rs 73,00,607 as interest on it. In this way, after 30 years, your maturity amount will be Rs 1,03,00,607. Let us tell you that you can extend PPF as many times as you want in blocks of 5 years each.
This is how you can get PPF extension
To continue the PPF account with contribution after the maturity of 15 years, you will have to submit an application to the bank or post office where you have the account. You will have to submit this application before the completion of 1 year from the date of maturity and fill a form for extension. The form will be submitted in the same post office/bank branch where the PPF account has been opened. If you are unable to submit this form on time, then you will not be able to contribute to the account.
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