Investing in the Public Provident Fund (PPF) allows you to accumulate Rs 5 lakh at maturity with a monthly deposit of just Rs 1,500. The PPF offers a competitive interest rate of 7.1%, making it one of the most attractive high-interest investment options available through the post office.
Saving a portion of your income is essential for securing your future and addressing emergency financial needs. The Public Provident Fund (PPF) scheme is a popular and safe option for those looking to invest their savings with attractive returns.
By investing in the PPF scheme, you can accumulate up to Rs 5 lakh at maturity with a monthly deposit of just Rs 1,500. The PPF offers an annual interest rate of 7.1%, making it one of the high-interest schemes available through the post office.
The PPF has a maturity period of 15 years, after which it can be extended for an additional 5 years. During this period, you can deposit between Rs 500 and Rs 1.5 lakh annually. A minimum deposit of Rs 500 is required to open a PPF account at your nearest post office.
In addition to high interest rates, the PPF scheme offers tax benefits and guarantees regular income. By depositing Rs 1,500 each month for 15 years, you will invest a total of Rs 2,70,000. At the current interest rate of 7.1%, the total interest earned over 15 years will amount to Rs 2,18,185.
Upon maturity, you will receive approximately Rs 4,88,185, bringing the total to around Rs 5 lakh. For those looking for even higher returns, the scheme can be extended for an additional 5 years, further boosting your savings.