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Benefit / Even if you invest only this much in this post office scheme, you will become a millionaire.


Benefit / Even if you invest only this much in this post office scheme, you will become a millionaire.

Becoming a millionaire is everyone's dream. But not all people become millionaires.  This post office scheme can be useful for you if you want to become a millionaire due to your hard work.

  In this scheme the government takes full guarantee of your money.  Which keeps your money perfectly safe.  Yes, you can become a millionaire by investing in Post Office Public Provident Fund Scheme.  It gets good interest because of the government's scheme.  With this, you get tax exemption on various occasions.

  •  You have to invest 12500 per month
  •  Beneficial investment in Post Office Public Provident Fund Scheme
  •  I will get Rs 1 crore this year

How much can you invest?

 Under this scheme you can invest a maximum of Rs 1.50 lakh per year.  No person shall invest in this scheme beyond this limit in any financial year.  According to the old system of income tax, on the investment of this scheme you get an annual income of Rs.  Investment up to Rs 1.50 lakh is tax deductible.  Apart from this the scheme also gives you benefits under EEE.

 Interest rate on PPF

 The government fixes interest rates every quarter, including PPF, for many other schemes.  The interest rate on PPF for April 2020 to June 2020 is 7.1%.  The maturity of a PPF account is 15 years.  However, anyone can extend it for more than five years on more than one occasion.  For this he has to apply to the concerned bank and post office.  For this, you have to fill Form 15H in the year of maturity.

 To become a millionaire, you have to invest that much every month

 You can invest Rs 12,500 per month i.e. Rs 1.5 lakh per annum.  Accordingly, if you invest for 15 consecutive years, then after 15 years at an interest rate of 7.1%, your maturity sits around Rs 42.60 lakh.  However if you increase the investment twice i.e. for ten years then after 25 years your maturity can be Rs 1 crore.

Read in Gujarati: Click here

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