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Monday, October 25, 2021

With this measure taken to save tax, you can become a millionaire, investing only 10 thousand rupees every month.

If you invest 10 thousand rupees every month in PPF, then in 28 years at the rate of 7.1 percent, you will have a capital of more than 1 crore rupees.

Due to the Corona epidemic, a big problem has arisen in front of investors about where to save their capital. In such a situation, Public Provident Fund (PPF) still remains the best for them in the long-term investment options as the interest on it is 7.1 per cent per annum, which is higher than the interest on other secured investments. Although its rate is fixed on a quarterly basis, but there is a fascination for it because you can take advantage of tax exemption on investment in it. Apart from this, in addition to the interest received on investment, tax relief is also available on the maturity amount. Thus PPF is one such tax saving option through which the dream of becoming a millionaire can be dreamed. However, for this you will have to make a habit of investing regularly and have to be patient for a fixed period so that you can get a better return on your capital investment. By investing in it, how can you make your capital more than 1 crore rupees. If you invest 10 thousand rupees every month, then in 28 years at the rate of 7.1 percent, you will have a capital of more than 1 crore rupees.

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Permission to deposit up to Rs 1.5 lakh annually

It is important to understand the rules related to this by understanding how your capital can be increased to more than 1 crore rupees by investing in PPF account.

  • PPF account gets matured in 15 years.
  • After maturity, you can close the account by withdrawing the entire amount or you can extend it for as long as you want in a block of five years.
  • You can invest a minimum of 500 rupees and maximum of 1.5 lakh rupees in a year.
  • If you have defaulted in investing a minimum of 500 rupees, then a penalty of 50 rupees has to be paid to activate the account again.
  • Apart from this, if you deposited more than 1.5 lakh rupees, then interest will not be paid on the additional amount.

Millionaire can make investment in PPF account for 25 years

Information about the rules related to PPF account is given above. A maximum of 1.5 lakh rupees can be deposited annually on the basis of that. If we assume the present rate of interest, then the rate of return of 7.1 per cent per annum will have to be calculated.
Annual investment – Rs 1.5 lakh
Time period – 25 years
Rate of Interest – 7.1 percent
Total Investment – ₹ 37,50,000
Total interest – ₹ 65,58,015
Maturity Value – ₹ 1,03,08,015

Millionaire in 28 years with a monthly investment of 10 thousand rupees

Annual Investment – 1.2 lakh rupees (10 thousand rupees monthly)
Time period – 28 years
Rate of Interest – 7.1 percent
Total Investment – ₹ 33,60,000
Total interest – ₹ 71,84,142
Maturity Value – ₹ 1,05,44,142

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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