PPF Scheme: Nowadays, everyone wants to invest safely and tax-free. For this, people are looking for special investment plans. If you are also among these people, then your search ends here. We are going to tell you about a special scheme that offers excellent returns without any risk. The special thing about this scheme is that middle-class people can easily invest in it. This scheme is designed for all sections of society. You can start investing in this scheme with just 500 rupees. A substantial fund can be accumulated through long-term investment. Let’s learn more about this scheme in detail.
Read Here: OPPO A6x 5G Phone Review – 50MP Camera, 6500 mAh Battery & 45W SuperVOOC Charging
We are talking about the PPF scheme, which is currently a great savings option. It also serves as a retirement plan. Not only do you earn interest, but you are also protected from market risks. Additionally, this scheme offers tax benefits under Section 80C. The government also revises the interest rates of this scheme from time to time.
Build a fund of millions with an investment of 500 rupees
To open a PPF account, only an initial amount of 500 rupees is required. However, you can invest a maximum of up to 1.5 lakh rupees in a financial year. This scheme offers interest on a compounding basis. By investing in it for the long term, you can build a substantial fund. If you invest a maximum of 1.5 lakh rupees every year and keep it deposited for 15 years or more, this investment will turn into millions.
How to open a PPF account
Any citizen of the country can open an account in this scheme. Parents can also open an account in the name of their minor children. NRIs and HUFs cannot invest in this scheme.
Documents required to open a PPF account
Several important documents are required to open a PPF account. For identification, an Aadhaar card and a PAN card are required. Additionally, a voter ID card or ration card is required as proof of address. A passport-sized photograph is required.
Read Here: Government Scheme-Invest ₹4 Lakh in Post Office FD and Get Nearly ₹5.8 Lakh After 5 Years
PPF Account Opening Process
- You can open a PPF account offline. To do this, you need to visit a nearby post office or bank. Fill in the required information and upload the necessary documents. Submit the form along with the initial deposit amount to the bank or post office. After your application is successful, a PPF passbook will be issued.
- For the online method, first log in to your account using mobile banking. Then go to the “Open PPF Account” option. Now fill out the online form and attach the necessary documents. Now invest your preferred amount. Now, complete the OTP verification and submit. You will receive a confirmation via email.