PPF – If you also want to become a millionaire then this news is for you. Actually, today in this news we are going to tell you such a method of investment by investing in which you can soon become a millionaire… So let us understand the complete mathematics of this in the news below.
Becoming a millionaire is like a dream for the middle class. If you want to fulfill this dream then investing is the best way. Long term investment can easily make you a millionaire.
If you are employed then start investing as soon as possible. The longer you invest, the better returns you will get. Let us know about such a government scheme which can make you a guaranteed millionaire in 25 years.
We are talking about the country’s most popular small savings scheme, Public Provident Fund (PPF). In this scheme, your money will be safe and you also get excellent interest on it. PPF is a popular scheme because the money deposited in it, the interest received and the amount received on maturity are completely tax free. It is included in the EEE scheme of the government. EEE means Exempt.
There is an option to claim tax exemption on deposits every year. No tax has to be paid on the interest received every year. When the account matures, the entire amount will be tax free.
How much can you invest in PPF-
Under this scheme, you can invest a minimum of Rs 500 and a maximum of Rs 1.5 lakh annually. PPF account takes 15 years to mature.
How much interest is available on PPF?
PPF offers higher interest than fixed deposits in banks and post offices. This scheme is offering interest rate of 7.1 percent from April 1, 2023.
For how many years can you invest in PPF?
Any Indian can open a PPF account. Investment in PPF scheme has to be made for up to 15 years. If you want to continue it even after maturity, then in such a situation you can extend the PPF account for 5 years.
Understand mathematics-
You can become a millionaire by depositing little money in the PPF scheme. The formula is very simple. By investing only Rs 411 daily i.e. Rs 1.5 lakh annually, you can earn Rs 1.3 crore in 25 years at the current interest rate of 7.1 percent.
