At the age of 40 you will get Rs.24 lakh.. Just invest Rs.250 daily in this scheme..

In this post you can see about Public Provident Fund Scheme (PPF) and its benefits.Saving money for the future is everyone's desire, especially the expectations of the middle class. Hence, Post office Savings Schemes are helpful for those who want guaranteed income and secure investment.

Central government Post Offices are implementing various small savings and investment schemes. An important scheme among them is Public Provident Fund Scheme (PPF). Check this post about this PPF scheme and its benefits.

PPF Scheme Benefits

Any indian citizen above 18 years of age can open a PPF account at a post office. parents or guardians can open this account on behalf of their children. The current interest rate for this scheme is 7.1% in FY 2023-24. It is worth noting that the interest rate of PPF scheme is relatively higher than many savings schemes and bank fixed deposit schemes.. Since it is a government backed savings scheme, investors need not worry about security.

In this PPF scheme a minimum of Rs. 500, can invest up to a maximum of Rs.1.50 lakh. The maturity period of this account is 15 years. However, the scheme can be extended for 5 years after the maturity period. Also this plan has early withdrawal facility.Also, this scheme has loan facility. However, after completing 5 years of continuous investment, investors can also avail loan facility from the 3rd financial year onwards. You can also get tax benefits from this PF scheme.

How to get 24 lakhs through PPF scheme?

Just save Rs.250 daily in this scheme, Rs. 24 lakhs can be obtained. That is, you have to invest Rs.7,500 every month for 15 years. Let's say you start investing at age 25. Since this plan is a 15 year plan, you will invest a total of Rs.13,50,000 till the age of 40.If you get 7.1 percent return in this scheme, you will get Rs. 10,90,926 in interest and the total maturity amount is Rs. 24,40,926 will be. Investors under this scheme do not need to pay tax on this investment amount.

ppf

Only citizens residing in india can extend the PPF scheme. indian citizens who are citizens of any other country can open this account, or if they already have an account, they will not be allowed to extend it. For PPF extension, you need to submit an application to the bank or post office where you hold the account.You should give this application within 1 year from the maturity date. If the tenure of PPF account is extended to 5 years in your application, you need to deposit at least Rs.500 every year. If you do not deposit this minimum amount, your account will be closed. Note that to restart it, you will have to pay a penalty of Rs 50 per year