PPF Interest Rate 2023-24 : If your dream is to become a millionaire by investing in no time, then it will happen. For this, you have to invest some part of your hard earned money every month, after which no one can stop you from becoming a millionaire. In this news, we are giving you information about investment in Public Provident Fund ie PPF. In this you invest Rs 12,500 every month for 25 years, then you get a fund above Rs 1 crore. Know what is the complete information..
What is investment in PPF
Investing in PPF proves beneficial for you. It is a very old and trusted investment option. By investing in it, you get good and safe returns, along with it also helps you in saving tax (Tax Saving Tips). By investing in this, you do not have to pay tax on all three investment, interest and maturity amount. You get the facility of tax exemption up to Rs 1.5 lakh like Section 80C (Income Tax) of Income Tax.
You will get this much compound interest
PPF is considered very safe for long term investment. At present, compound interest is being received in this scheme at the rate of 7.1 percent. Government guarantee is also given to the investors in the PPF scheme. PPF is completely regulated by the Central Government. Due to which the interest on this plan is decided by the Central Government only. In this, you are given the facility of guaranteed returns, which means that your money is completely safe by investing in it.
This is the formula to become a millionaire
If you want to become a millionaire by investing in PPF scheme, then for this you will have to invest at least Rs 12,500 every month i.e. Rs 1,50,000 annually in this fund. In this way, when you invest money in about 300 installments for 25 years, you deposit a total of Rs.37,50,000. After 25 years, you will be given an amount above 1 crore at the time of maturity, including interest on the deposited amount.
Everyone can invest in PPF scheme. You can start investing in this with just Rs.500. For this, you have to open a PPF account by going to the post office or bank. You can invest up to a maximum of Rs 1.5 lakh every year in a PPF account. At the same time, to keep the account active, at least Rs 500 will have to be deposited annually.
Understand the investment fund in PPF at a glance
Annual investment – Rs 1,50,000 per year
Plan Time – Investment for 25 years (approx 300 installments per month)
Total interest rate – will be available from 7.1 percent
Some investment in 25 years – Rs 37,50,000
Total interest – Rs 65,58,015
Maturity amount – Rs 1,03,08,015
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