Are you looking to save some money from your earnings? Want to keep that money in a safe place? Want to get good returns? Then there is good news for you. Because, the Post Office has one of the best schemes. In this case, you can make low-risk, tax-free investments through the Post Office’s Public Provident Fund (PPF). In this case, the government will give you good interest.
How much interest will you get?
In this scheme, the government will give 7.1 percent tax-free interest every year. And this is a good scheme for all classes of people. It is also a good scheme for those who pay a lot of tax every year on their income. They can save a lot of money in this case.
Actually, PPF has tax benefits. You will get tax benefits through Section 80C. Which simply means, the money you invest here will be tax free. Along with the interest you get, it will also be tax free. In addition, the money you get at maturity will also not be taxed.
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Know the lock-in period
The post office PPF scheme has a lock-in period. That is, during this time you will not be able to withdraw the money. And that period is 15 years. Even after this period, you can keep money in this scheme. In that case, you can increase the time by 5 years.
You can start depositing in this scheme with as little as 500 rupees. And a maximum of 1.50 lakh rupees can be deposited in a year.
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Know the amount of depositing 40 lakh rupees
You can deposit 40 lakh rupees in this government scheme in 15 years. Now the question is how is that possible? So listen, you have to deposit 1.5 lakh rupees every year. 12500 rupees as a month. Keep this money for 15 years. You will get an interest rate of 7.1 percent there. Then you will accumulate 22,50,000 taka. Along with this, you will get interest of 18,18,209 taka. As a result, you will get 40,68,209 taka at maturity.
What other benefits will you get?
You can do this PPF scheme by going to the nearest post office or bank. You will also get a loan through this investment. Apart from that, if you want, you can withdraw some money even after 5 years.