How to grow Rs 1,500 a month into Rs 5 lakhs with Post Office PPF Scheme
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.
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FollowSecure your future with PPF:
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.
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How much can you earn?
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.
Investment details and maturity:
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.
Tax benefits and regular income:
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.
Total returns and extension:
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.
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