PPF Account: 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 salary class person, it makes sense to invest right at the beginning of your job.
PPF Account: 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 salary class person, it makes sense to invest right at the beginning of your job. The longer you invest, the better returns you can get. Here we are telling you about one such 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 daily and invest. 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 compounding basis.
This is how you will become a millionaire
If you want to become a millionaire through this scheme, then after 15 years you will have to extend it 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 the PPF account, you will have to apply one year before maturity. The account will not be extended after maturity.
Get exemption on tax
The biggest advantage of the PPF scheme is that it gets tax exemption under Section 80C of the Income Tax Act. In this scheme, you can avail rebate on investment up to Rs 1.5 lakh. The interest received on PPF is also not taxed. The most important thing is that the government promotes small savings schemes. Therefore investing in it is completely safe.
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