The PPF scheme of the post office can make you a millionaire, but you have to invest wisely in it. By depositing Rs 1000 every month from the age of 20, you can accumulate more than Rs 26 lakh corpus till retirement.
If you keep adding a small amount for a long time, then you can deposit a handsome amount , in this your post office PPF scheme can help a lot. The PPF scheme was started by the National Savings Scheme in 1968, with the objective of making PPF an attractive and high return scheme. If you invest wisely in this scheme, then you can be successful in building a huge corpus in the long term. Let us tell you that at present, PPF is offering an interest of 7.1 percent. In which one can deposit from Rs 500 to Rs 1.5 lakh every year. With the help of PPF, if you choose the tenure wisely, then you can get success in depositing a fund of Rs 26 lakh.
How much will you get if you invest for 15 years:
If you deposit 1000 rupees every month for 15 years, then you will get 1.80 lakh rupees. Due to this, your fund will become 3.25 lakh rupees. In which Rs 1.45 lakh will also have a share to meet the interest of 7.1 percent. Now if you extend this investment for another five years and deposit Rs 1000 every month, then the amount of Rs 3.25 lakh will increase to Rs 5.32 lakh. In this way, you can extend this scheme any number of times for 5-5 years.
This year you will get 26 lakh rupees :
After the end of the first lock-in period of 15 years, you can continue the scheme for 5-5 years as many times. If you deposit 1000 rupees every month even after depositing the investment amount for 35 years, then in the 40th year your PPF account will increase to Rs 26.32 lakh. That is, at the age of 20, if you deposit Rs.1000 every month i.e. Rs.33 per day in the PPF scheme, then by the time you reach retirement, you will have Rs.26.32 deposited. If you invest PPF in the name of your child, then he will become a millionaire by the time he grows up. Which can be useful for his studies and marriage.