Post office
If you want to get good returns in a short time by investing safely in the post office, then the Public Provident Fund (PPF) scheme can be a great option for you. This scheme is especially beneficial for those who want to make big funds in low investment and also to save in tax.
Fund of 43 lakhs will be made on depositing Rs 411
The PPF account opens for 15 years and it is currently getting 7.9% annual interest on it. In this scheme, you can deposit a minimum of Rs 500 to a maximum of Rs 1.5 lakh every year. If you save 12,500 rupees every month i.e. about 411 rupees daily, then a total of 1.5 lakh rupees will be deposited in a year. After 15 years, you can get about 43.60 lakh rupees.
Out of this, about 21 lakh rupees will be found as interest and the special thing is that both deposits and interest are not taxed. This tax exemption is received under Section 80C of Income Tax.
100 percent money is safe
This scheme is fully supported by the government, so your money is completely safe. The interest rate on PPF is also higher than the bank FD, so it is considered to be the first choice of investors for a long time. It is also very easy to deposit money in it. If you want, you can deposit the entire money simultaneously or invest in 12 installments as well.
You can take loans on PPF account
If needed, you can also take a loan from PPF account, which is available in the first five years of opening an account. This facility proves to be very helpful in emergency. The post office has also provided the facility to deposit money online in PPF. You can easily transfer money to PPF account from your bank account with the help of India Post Payments Bank (IPPB) or Dakpay app. For this, the IPPB account has to be linked to your bank account. Then by choosing the PPF option in the app, one has to enter the account number and customer ID.
If you want your savings to be safe and a big fund is ready in future, then this scheme of post office is a great opportunity for you. Tax savings, safe investment and good returns – these three benefits are available simultaneously in PPF.