How to become a crorepati with PPF: After retirement in private jobs, pension scheme is usually not available, and now most of the government jobs have also disappeared from the pension system. That is, how will you survive after retirement, and how can a respectable arrangement be made for it … Will give a great opportunity to save in income tax, but will also keep a legal and legal amount of more than 2.5 crore rupees in your hands at the time of retirement. You must have heard, but through this, a working youth can reach the age of retirement and deposit crores of rupees, you would not have thought that…
Yes, this scheme can really give a completely tax free amount of more than two and a half crores in your hands. Not only this, but through this scheme, both the husband and wife together can also save tax up to a maximum of Rs 93,600 (Rs 46,800 each) annually, that too for a full 35 years… remember , the amount of tax saving will be Rs 46,800 when the investor is paying full 30 percent tax as per the maximum slab of income tax… If the investor pays tax under the lower slab of income tax, the amount of tax saving The amount will also decrease accordingly…
Now let us tell about this scheme… It is the most popular and popular savings scheme in the last decades, which is included in the small savings schemes of the Government of India. The name of this scheme is Public Provident Fund, which is in English language. It is called Public Provident Fund, ie Public Provident Fund or PPF… Under this scheme you can open your account in post office, ie post office or branch of any bank …
Every year (here we are talking about the financial year, i.e. April 1 to March 31) in the PPF account, you can deposit a minimum of Rs 500 and a maximum of Rs 1,50,000, the interest of which will be deposited in your account on the last day of every year. is added… So, now if you deposit the entire 1.5 lakh rupees every year on 1st April itself, then at the end of the year maximum interest will be deposited in your account… But it pays interest at the rate of 7.1 per cent, which has come down quite a bit as compared to the earlier years, but still this rate is enough to keep PPF as one of the best investment options…
The biggest feature of this scheme is that it is included in the EEE scheme of the government, which means that you get tax exemption on the amount deposited every year, you do not have any tax on the interest earned every year. and finally the maturity, that is, the entire amount received at the time of maturity (principal investment plus interest) is also completely out of the tax net.
Also, Read This: Which bank is giving the highest interest rate on FD, see interest rates of top banks
Well, now understand that how you can become a millionaire from this scheme till retirement… If you open a PPF account at the age of 25, and deposit one and a half lakh rupees in the account with the maximum limit on 1st April every year, then 10,650 will be credited to your account as on 31st March next year at the current rate, which will make your account balance, i.e., balance Rs 1,60,650 on the first day of the next financial year, and the same amount will be deposited for next year’s investments. As soon as one and a half lakh rupees are added, it will become Rs 3,10,650, and next year you will get interest on Rs 3,10,650 instead of 1.5 lakh, which will be Rs 22,056… Similarly every year on April 1st, you would have deposited Rs 1.5 lakh. Stay tuned, and on completion of 15 years of maturity, you will get Rs 40,68,209 in your account, in which your investment will be Rs 22,50,000 and interest amount will be Rs 18,18,209…
Now you are only 40 years old now, and you are far from retiring now… the real start to make you a millionaire will start from here… Now know how to apply for PPF account even before it matures for five years. So, you have to extend your PPF account for five years, and maintain your annual routine of investing… when it Next time (20 years of PPF account and 45 years of your age) reaches maturity, then the total amount in this will be Rs 66,58,288, in which your investment will be Rs 30,00,000 and compound interest will be Rs 36,58,288…
After this, you extend your PPF account again, and keep investing… Now at the age of 50, the total amount deposited in the account will be Rs 1,03,08,014, in which your investment will be Rs 37,50,000 plus interest. The amount will be Rs 65,58,015… Now extend the PPF account again, and after five years when you are 55 years old, the total amount in your account will be Rs 1,54,50,910, in which the invested amount is 45,00,000 And the interest amount will be Rs 1,09,50,911… and now after five years of extension, that is, when you will be 60 years old, then the total amount in your PPF account will be Rs 2,26,97,857, in which your The total investment will be Rs 52,50,000, while the interest amount will be Rs 1,74,47,857…
Now the most important thing about this amount will be that you will not have to pay any kind of tax on it, and it will be completely white money… interesting fact is that the investment you made every year for this amount , on that too you have saved about Rs 16,38,000 in 35 years at the rate of Rs 46,800 every year
After reading everything about this scheme in detail, the special things that are worth remembering are these
- The government revises the interest on PPF account every quarter, so, in case of increase or decrease in the interest rate, your total retirement amount can also increase or decrease.
- In PPF account, the investor should deposit the investment amount every year in the beginning of April, so that maximum interest can be received.
- Remember, the maturity amount entered in this report is achieved after running the PPF account for 35 years, so, if you are more than 25 years old at the time of opening the account, and you do not extend it at least four times , even then there may be a difference in the amount you get.
