Post Office Scheme: Investing in the Post Office’s Public Provident Fund can quickly turn you into a millionaire. To attain this, you must invest Rs 417 per day. This strategy also provides tax advantages. Please give us additional information about this plan.
Post Office PPF Scheme: Post Office Public Provident Fund gives you a chance to become a millionaire. For this, you just have to invest Rs 417 daily. Although this account has a 15-year maturity period, you can extend it twice for a total of five years. In addition, you will receive tax benefits from this plan. At the same time, the most important thing is that in this plan you get 7.1 percent interest annually and which also gives you the benefit of compound interest every year. Let us also explain how you can become a millionaire with this technique.
Know Post Office PPF Account Details
If you invest for 15 years i.e. Deposit a maximum of Rs 1.5 lakh every year until maturity. If you invest Rs 12500 each month and Rs 417 per day, your total investment will be Rs 22.50 lakhs. At the time of maturity, you will get the benefit of compounding along with 7.1 percent annual interest. In this, you will get Rs 18.18 lakh as interest at the time of maturity. That means you will receive 40.68 lakh rupees in total.
How do you become a millionaire?
On the other hand, if you want to become a millionaire from this scheme, then you can increase your investment through this scheme twice for 5-5 times after 15 years. If you invest Rs 1.5 lakh per year, your total investment will be Rs 37.50 lakh. With a 7.1 percent interest rate, you will receive Rs 65.58 lakh at maturity. That is, your entire fund will be 1.03 crores after 25 years.
Who can open a PPF account
Any resident including a salaried, self-employed, pensioner, etc. At the post office, you can open a PPF account.
Only one person can open this account.
This isn’t a place where you can open a joint account.
A minor PPF account can be opened by the parent/guardian on behalf of the minor child in the post office.
Non-resident Indians cannot open an account in it. If a resident Indian becomes an NRI before the maturity of the PPF account, he can continue to operate the account till maturity.
Documents Required for Post Office PPF Account
Voter ID, passport, driver’s license, and Aadhar Card are all acceptable forms of identification.
Voter ID, Passport, Driver’s License, and Aadhar Card are all acceptable forms of proof of address.
Pan Card
passport size photograph
Enrollment Form – Form E
Read More: Post Office Scheme: This super hit scheme will make you rich, money will double in a few months.
Features of Post Office PPF Account
1. The maximum amount deposited in a PPF account during a financial year is Rs 1.5 lakh.
2. The number of deposits in Post Office PPF is limited to 12 per year.
3. PPF is an EEE investment The amount invested, the interest received, and the amount due at maturity are all tax-free.
4. A minimum annual investment of Rs.500 is required to keep the account operational.
5. Interest earned on a Post Office PPF account is compounded annually and paid on March 31st of each year.
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