Post office scheme: If you also save only 200 rupees daily, then it will become 6 thousand rupees in a month. Now this 6000 rupees can also be converted into 1 crore rupees. It will sound like a joke, but it is possible… Let us know in the news below how…
In today’s era, the importance of 10, 20, 100, 200 rupees seems less. Small Savings Scheme does not seem much in the midst of rising inflation. But, this is the first mistake of investing. Small savings also fulfill big dreams. If only 200 rupees are saved daily, then it is 6000 rupees in a month. Now this 6000 rupees can also be converted into 1 crore rupees. It will be funny to hear, but it is possible.
You save Rs 200 daily and invest it every month in a scheme like Public Provident Fund (PPF). After 20 years you will have around 32 lakh rupees. PPF is a long term savings scheme. Interest is being received on this at 7.1 per cent per annum compounding. Now your journey to become a millionaire starts from here.
Invest in PPF in post office-
You can open a Public Provident Fund account in the post office. The account can be opened with just Rs.500. You can deposit up to Rs 1.50 lakh annually, which is tax exempt. The maturity of the account is 15 years. But, after maturity, it can be further extended in the bracket of 5-5 years.
32 lakh rupees will be available from 200 rupees in PPF-
If we save 200 rupees daily, we will save 6000 rupees every month. Now put 6000 rupees in PPF account every month and maintain it for 20 years, then on maturity you will get 31 lakh 95 thousand 984 rupees. The calculation has been done assuming 7.1% interest per annum. The maturity amount may change if the interest rate changes. Compounding in PPF is done annually. Interest is reviewed every quarter.
When and who will get the benefit?
Suppose your age is 25 and your monthly income is 30-35 thousand. In the initial days, there is not much liability on you, so it is easy to save 200 rupees daily. In this way, when you are 45 years old, you can get a fund of about 32 lakh rupees from PPF.
Benefits of investing in PPF-
There are many benefits of opening a PPF account. You will get the biggest benefit in Tax Savings. This is because tax exemption can be taken under 80C on deposits of Rs 1.50 lakh annually in PPF. In this, maturity and interest income is also tax free.
How will interest be calculated on PPF-
Pay attention, interest is added on the amount that is in the PPF account till the 5th of the month. So keep in mind the 5th of the month and make your monthly contribution before that. After this, if money comes into the account, then interest will be added on the same amount, which was deposited in the account before the 5th.
How to get 1 crore rupees?
The maturity of PPF is 15 years. A maximum of Rs 12,500 can be deposited every month. Means 1.5 lakh rupees can be deposited annually. 12500 will have to be contributed by the 5th of every month till maturity. According to 7.1% annual interest, the total value on maturity will be Rs 40,68,209. There is also an option to extend the PPF account for 5-5 years after maturity. In this case, if the contribution continues for 25 years, your investment will become Rs 1.03 crore with compounding interest. see below calculation
How much will you get on maturity of PPF?
- Maximum monthly deposit: Rs 12,500
- Interest rate: 7.1 percent per annum
- Amount on maturity after 15 years: Rs 40,68,209
- Total Investment: Rs 22,50,000
- Interest benefit: Rs 18,18,209
How to make 1 crore in post office?
- Maximum monthly deposit: Rs 12,500
- Interest rate: 7.1 percent per annum
- Amount on maturity after 25 years: Rs 1.03 crore
- Total Investment: Rs 37,50,000
- Interest benefit: Rs 65,58,015
