The salaried person is very worried about retirement. He worries about income in old age. The government employee still gets pension but the private sector worker keeps on worrying about running the house without pension. The safest scheme for this is PPF ie Public Provident Fund.
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Anyone can invest in PPF, this scheme is for everyone. In the Public Provident Fund scheme, a person can deposit up to a maximum of Rs 1.5 lakh annually. The amount invested in this is tax free under 80C. That is, there will be no income tax on it. Apart from this, the amount and interest received on maturity period will also be tax free.
The tenure of Public Provident Fund PPF scheme is 15 years, however after 7 years you can withdraw the amount deposited in it under pre-mature withdrawal. If you want to continue it after 15 years, then you can extend it for a period of 5-5 years.
At present, 7.1 percent annual interest is being given on PPF. The interest rate is fixed by the government every quarter. Its account can be opened in post office or any bank. If you deposit 1.5 lakh rupees annually in PPF, then after 15 years at 7.1 percent interest, this amount will become Rs 40.68 lakh and this will be the guaranteed amount. You can start investing in PPF as soon as you join the job, so that There will be no tension of regular income after retirement.
