Most people look for such an option to invest their hard earned money where their money is safe and they get more returns. Public Provident Fund is one such scheme in which you get guaranteed returns along with security.
New Delhi. If you are looking for such a scheme for investment that will make you a millionaire, then this news can be useful for you. Today we are telling you about a scheme that can make you a millionaire in the long run. Actually, we are talking about PPF i.e. Public Provident Fund Scheme.
PPF is considered very safe for long term investment. In this scheme, you not only get guaranteed returns, but also get tax exemption at the time of maturity. Under this scheme, compound interest is currently being given at the rate of 7.1 percent. Let us know what are the benefits you will get by investing in it.
Government gives guarantee on PPF scheme
You get government guarantee on the investment made in Public Provident Fund scheme. PPF is completely regulated by the central government and the interest on it is also decided by the government itself. This means that by investing in this scheme, your money will be completely safe and you will get guaranteed returns at the time of maturity.
Anyone can invest
Everyone can invest in PPF scheme. In this, you can start investing with just Rs 500. You can open a PPF account by visiting your nearest post office or bank. You can invest a maximum of Rs 1.5 lakh in your PPF account in a financial year. At the same time, to keep the account active, at least 500 rupees have to be deposited annually.
Many benefits including loan on deposits and tax exemption
You can also take a loan against the amount deposited in your PPF account. However, for this your account should be at least 5 years old. At the same time, tax exemption is also available under the EEE category. That is, you will get interest on the amount invested in PPF fund and you will not have to pay any kind of tax on it. Apart from this, a specialty of PPF account is that it cannot be seized for any court order, loan or any other liability.
This is how you can become a millionaire by investing in PPF
If you want to become a millionaire by investing in the Public Provident Fund scheme, then for this you will have to invest Rs 1.5 lakh annually i.e. at least Rs 12,500 every month in this fund. In this way, when you invest in it continuously for 25 years, then by adding compound interest on the deposited amount, you will get more than one crore amount at the time of maturity.
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