The risk in this scheme is almost zero and it is protected by the government. PPF account can be opened by visiting any nearest post office.
Post Office Saving Scheme: Public Provident Fund (PPF) of the post office is a great investment option. Its most important thing is that investment can be started with less money in it and good returns can be found.
The risk in this scheme is almost zero and it is protected by the government. PPF account can be opened by visiting any nearest post office. Any citizen of the country can open this account. At present, this scheme is giving an interest of 7.10 percent.
Highlights of the plan
This plan comes with EEE status. In this, tax benefits are available in three places. Contribution, interest income and maturity amount, all three are tax free.
The benefit of tax exemption is available under section 80C of the Income Tax Act.
PPF account can be opened with only Rs.500. But later it is necessary to deposit Rs 500 every year in one go.
Only a maximum of Rs 1.5 lakh can be deposited in this account every year.
This scheme is for 15 years, from which it cannot be withdrawn in the middle. But it can be extended for 5-5 years after 15 years.
The benefit of compound interest The
PPF account of the post office matures in 15 years. The money deposited in this account earns compound interest. Think of it like this, if you deposited Rs 500 on which interest of Rs 30 was received in one year, then from next year the interest will be calculated on Rs 530.
If deposited Rs 500 every month
- Depositing Rs 500 for 15 years will make Rs 90,000.
- The interest on this will be Rs 67,784.
- This means that after 15 years you will get a total of Rs 1,57,784.
If deposited 1000 rupees every month
- If you deposit Rs 1,000 in PPF account every month, then in 15 years you will deposit a total of 1,80,000.
- On this you will get interest of Rs 1,35,567.
- 3,15,567 will be available on maturity after 15 years.
On depositing 2 thousand rupees every month
- If you deposit 2 thousand rupees every month, then in 15 years you will deposit 3,36,000 rupees.
- 2,71,135 interest will be made on this.
- This means that you will get Rs 6,31,135 in your hand.
How much will you get on depositing 10 thousand every month
- If you deposit Rs 10,000 every month, then the total deposit amount in 15 years will be Rs 18,00,000.
- On this Rs 13,55,679 will be available as interest.
- That is, after 15 years, Rs 31,55,679 will come in your account.
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