Post Office Scheme: Brother, saving money is the most important thing in today’s time. If you want a secure future for you and your family, then the Post Office Public Provident Fund (PPF) scheme is the best option for you. In this, your money will be safe and will keep growing with interest.
Post Office PPF Scheme
This is a government-supported plan of the post office. This means that your money will be completely safe. In this scheme, you have to deposit a little money every year. You can deposit a minimum of ₹ 500 and a maximum of ₹ 1,50,000 annually. Currently, it gives an interest of 7.1% which gets added every three months and increases your money rapidly.
How much money will I get after depositing ₹60,000
Now suppose you invest ₹60,000 every year in this scheme. Keep depositing it every year for 15 years. This way your total deposit amount will be ₹9,00,000. But here you not only have to deposit but also get interest. According to 7.1% compound interest, after 15 years your total amount will be ₹16,27,284.
This scheme works on compound interest. Meaning, the interest you get every year is added to your deposit amount the next year. And then next year you get interest on that increased amount. This is the reason why your money grows so fast.
This scheme is for those people who do not want to take risk and want to keep their money safe for a long time. Due to government guarantee, your money will never sink. Apart from this, you also get tax benefits in this.
Tax benefits
If you invest in PPF, you get tax exemption. Under Income Tax Act Section 80C, you can get exemption up to ₹ 1,50,000. Apart from this, the interest received and the money received on maturity will also be completely tax free.
Account opening process
- To open an account, you have to go to your nearest post office. There you will need Aadhar card, PAN card and a passport size photo. If you have YONO or any online app, then some post offices now also provide the facility of opening an account online.
- This scheme is for those who want to save for a long time. If you want to save money for children’s education, marriage, or retirement, then this is the best option for you.
- If you deposit money every month, it is important to ensure that the money is deposited before the 5th of the month. This will ensure that you get interest for the entire month.
- In today’s era where inflation is increasing every day, such schemes give you and your family a secure future. With the Post Office PPF scheme, your money will not only be safe but will also double over time.
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