PPF investment plan try this trick
Let me tell you how to earn more money in less time. We should have some skill so that we can study further and progress, so let’s know.
PPF Investment Plan: Some people save money through LIC and some save money through PPF. Anyone can become a millionaire by investing in PPF.
If you also want to become a millionaire through PPF, then use some tips (PPF Investment Tips).
There are many benefits of investing in PPF, as well as you will get higher interest rates. This is a government scheme which gives refund. PPF can make you a millionaire after a certain period.
You can open a PPF account from your nearest bank or post office. Minimum Rs 500 and maximum Rs 1.5 lakh can be deposited in a financial year.
PPF Investment Plan: According to the rules of PPF, it matures after 15 years. After completion of 15 years you can extend it for 5 years. Its special feature is that PPF account holders can also take advantage of the loan facility in case of shortage of cash. So let us know how much loan you will get under the Public Provident Fund Scheme.
How much loan can I get?
A PPF account holder is eligible for a loan after the third year of membership, however this option is available only till the end of the sixth financial year. Cannot take loan of full amount.
A maximum of 25% of the amount available in the Public Provident Fund account can be withdrawn at the end of the two years preceding the year in which the loan is requested. That is, if the loan is taken in 2021-22, then the outstanding amount of 25 percent can be taken till 31-03-2020.
Quarterly savings plan pays 7.1% interest
The government has not made any change in the interest rate on PPF till September 2022. PPF subscribers are given 7.1 percent interest in the quarterly savings scheme. With the best interest rate in PPF, you do not have to pay any tax on the return.
In how many days will the loan be repaid?
The principal amount of the loan has to be repaid within 36 months from the date of sanction of the loan. You can repay the loan in a lump sum or in two or more monthly installments over a period of 36 months.
NRIs cannot invest in it
Only Indian citizens can invest in long term savings schemes. Indian citizens living in other countries cannot invest in it. That is, Resident Indians (NRIs) cannot invest in Public Provident Fund.
You can deposit a maximum of Rs 1.5 lakh in PPF, there is also a special facility to invest money in PPF. You can deposit money in installments every month.
The government is currently paying 7.1 percent interest on PPF. PPF is for 15 years but you can extend it for another 5 years if you want.
how to become a millionaire
If you want to become a millionaire from retirement then 12500 rupees per month for 25 years in Public Provident Fund Scheme.
1.50 lakh per annum and in 25 years this amount will be in crores. The principal amount invested in these 25 years will be Rs.3750000 and the interest will be Rs.65,58015 at the rate of 7.1 percent.