Corona taught people how to live. In this pandemic, millions of people lost their jobs due to which the importance of savings was understood. People who did not take medical insurance now started taking insurance for the safety of themselves and their family. In such a situation, if you have not yet prepared to keep old age safe and happy, then do not delay now. Earning life seems easy in the days of youth. After the age of 60, you must have a retirement fund, so that there is no problem in your life.
If you are 30 years old and for the next 30 years, you deposit only 30 thousand rupees every year, then on retirement at the age of 60 years you will get a lump sum of about 31 lakh rupees. The most important thing is that it will be completely tax free. In these thirty years you will deposit 9 lakh rupees and you will get 31 lakh on retirement. The 22 lakh rupees that will be earned as interest will be completely tax free. Apart from this, tax deduction is also provided under Section 80C for investing 30 thousand rupees. It must be coming to your mind that after all what is the name of this scheme, then tell that its name is Public Provident Fund i.e. PPF.
This scheme is 53 years old
Public Provident Fund (PPF) is an excellent investment option to date. It was started in 1968. It has been wooing investors for the last 53 years. Its biggest feature is that it is a saving scheme as well as a tax saving scheme. It comes under the EEE category. This is a long term investment scheme in which you can avail deduction in tax by investing every year. When it matures, both the maturity amount and the interest income are completely tax free. Talking about returns, it is guaranteed. In such a situation, you know how much your investment has been made.
15 years maturity period
The Public Provident Fund Scheme is for 15 years and can be extended in blocks of 5–5 years. Currently, the interest rate on this is 7.1 percent and as mentioned earlier, there is a benefit of deduction in tax by investing in it. It is completely tax free on maturity. PPF account holders also get loan facility. This facility is available in the third and fifth year. Although the lock-in period for this is 15 years, but after the completion of 6 years, partial withdrawal facility has been provided from the seventh year. A contributor can withdraw up to a maximum of 50 per cent of the amount deposited in his fund.
2500 rupees to save for your future every month
In such a situation, let’s assume that you are 30 years old and from today you have decided to deposit 30 thousand rupees in a year according to the amount of 2500 rupees in PPF. By the way, after 15 years, when you are 45 years old, then it will be matured. At the age of 45, you will get a total amount of 8 lakh 13 thousand 642 rupees while your total deposit will be 4.5 lakh rupees. Here you have to increase it in a block of 5-5 years and continue this process for the next 15 years. At the age of 60, the total amount deposited by you will be Rs 9 lakh and the total amount you will get will be 30 lakh 90 thousand 182 rupees. It will be completely tax free and will also be very important for your old age.
