Post Office Scheme: If you also want to earn good returns in a short time by investing money in the post office scheme, then you have a great opportunity. We will inform you about a grand scheme by the post office, where you need to invest only Rs 411 and can earn Rs 43 lakh. Often people start investing with very little money in small savings schemes of the Post Office. However, there are many schemes where even after investing, a substantial amount is not available. However, if they start investing with the right amount, then in the future you can get a good profit. We are informing you about one such post office scheme that is perfect for your family.
Benefits of Public Provident Fund
We are discussing the Public Provident Fund (PPF) scheme, which offers substantial returns with minimal investment. There is a government scheme in which both the deposit amount and the interest received on it are tax-free. This means you do not have to pay any tax on the interest. So let us tell you about the PPF scheme in detail:-
The tenure of a PPF account is up to 15 years, and it currently offers an interest rate of 7.9 per cent. You can deposit a minimum of Rs 500 and a maximum of Rs 1.5 lakh every year in it. If you deposit Rs 1.5 lakh every year, you will accumulate up to Rs 43.60 lakh after 15 years. Out of this, Rs 21.10 lakh will be in the form of interest. If you save Rs 12,500 every month i.e. about Rs 411 daily, then after 15 years you will have such a massive amount in your hand.
There is no fear of your money sinking in this scheme. It also provides tax exemption on the deposit amount and interest, which comes under section 80C of the Income Tax.
If you deposit Rs 500 in the first year but fail to deposit the minimum amount for the next two years, your account will be closed. There is no facility to open a joint account in this scheme, but any person can open this account irrespective of his age.
You can also get a loan under this scheme, which is available for the first five years of opening the account. The post office has now introduced an online facility for depositing money into PPF. You can easily transfer money through DakPay app or India Post Payments Bank.