PPF Investment: No pension is available after retirement in both the recently got government job or private service. In such a situation, let us tell you about such a scheme, which will save you in income tax, while after retirement you will get more than two crores in your hands. If you have also got your first job recently, then start investing in this PPF scheme from today itself.
What is this plan
In a country with a fast growing economy like India, this PPF scheme has been a popular savings scheme among salaried people over the past several decades. Whose name is Public Provident Fund, it is called Public Provident Fund i.e. PPF. Under this scheme, you can open your account by visiting any nearest post office or branch of any bank. Every year (here we are talking about the financial year i.e. 1st April to 31st March) in the PPF account, you can deposit a minimum of Rs 500 and a maximum of Rs 1,50,000, the interest of which will be added to your account. Account on the last day of each year. goes. So now if you deposit full Rs 1.5 lakh every year on 1st April, then at the end of the year the maximum interest will be credited to your account. The government till date gives interest at the rate of 7.1 percent on this account. The interest received in this scheme and the entire amount received during maturity remains out of the tax net.
How to become a millionaire?
If you open a PPF account at the age of 25, and deposit a maximum of Rs 1.5 lakh in the account on April 1 every year, then Rs 10,650 will be credited to your account on March 31 next year at the current rate. Which will happen in the next financial year. The balance in your account on the first day of the year, i.e. the balance will become Rs 1,60,650, and this amount will become Rs 3,10,650 after adding Rs 1.5 lakh deposited for the next year’s investment, and in the next year You will get Rs 1.5 lakh, instead of Rs 3,10,650 interest you will get, which will be Rs 22,056. Similarly, every year on 1st April, you keep depositing Rs 1.5 lakh and on the completion of 15 years of maturity, Rs 40,68,209 will be deposited in your account, in which your investment will be Rs 22,50,000 plus interest amount. 18,18,209 will be Rs.
Need to expand
Let us tell you that PPF account can be extended for 5 years by applying before maturity, and you can do this extension any number of times. So you have to extend your PPF account for five years while on the other hand you have to maintain your annual investment routine. The next time this position reaches maturity (20 years of PPF account and 45 years of your age), the total amount will be Rs 66,58,288 in which your investment will be Rs 30,00,000 and compound interest will be Rs 36. ,58,288. After this, you can increase your PPF account again and keep investing. Then at the age of 50, the total deposit in your account will be Rs 1,03,08,014, in which your investment will be Rs 37,50,000 and interest amount will be Rs 65,58,015. Now increase the PPF account again and after five years when you will be 55 years old, the total amount in your account will be Rs 1,54,50,910 with investment amount 45,00,000 plus interest amount. 1,09,50,911 will be Rs. Next time after the extension of five years i.e. when you are around 55 or 60 years of age, the total amount deposited in your PPF account will be Rs 2,26,97,857, in which your investment will be Rs 52,50,000. Whereas the amount of interest will be Rs 1,74,47,857.
Read More: ITR Refund: Received notice from Income Tax on claiming refund? Do this work immediately to avoid.
In this case, the maturity amount will be more than 2.5 crores.
Note that you will get this maturity amount of Rs 2 crore 26 lakh only if your PPF account will last for about 35 years . if you are more than 25 years at the time of opening the account and you do not increase it four times, then you will get the difference in the amount. It is possible In the PPF account, the investor should deposit the investment amount in the beginning of April every year, so that maximum interest can be received. Also, keep in mind that the interest earned on PPF account is revised every quarter by the government, so your retirement amount may fluctuate slightly in case of interest rate fluctuations.
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