Deposit Rs 300 per day in this post office scheme and get Rs 1.1 crore, this is how you get the benefit
A Public Provident Fund or PPF account is seen as a tax saving investment, which is completely risk free. It is one of the small savings schemes backed by the central government, which offers more profit in the long run. At present, the PPF account earns 7.1 per cent interest, which is higher than the inflation rate. You can open a PPF account at any bank or post office. The advantage of starting a PPF account at the post office is that there is a sovereign guarantee on the interest earned from it, which makes it more secure compared to the bank interest.
Investing in PPF is not only safe, but it has the benefit of tax exemption. For investors, the risk is negligible. Although investment in PPF is fully protected by the government, it is completely risk free. The central government revises interest rates on PPF accounts every quarter.
Get these benefits
PPF provides tax benefits under Section 80C of the Income Tax Act. A deduction of up to Rs 1.5 lakh can be taken on the amount invested in the scheme. PPF is tax deductible on both interest earned and maturity amount.
The term of PPF account is 15 years. You can then apply to increase it every 5 years. And they can choose whether or not they want to continue contributing. The PPF account holder can submit the form for promotion in the 15th year. If a person opens a PPF account in 30 years, he can operate his account for 5 years and for the next 30 years.
Thus 1.1 crore will be received
According to the PPF calculator, if a person deposits a PPF account of Rs 300 daily i.e. Rs 9,000 per month, he will get Rs 29,29,111 after 15 years. If it goes beyond the PPF account for the next 15 years every 5 years, it will get Rs 1.11 crore.