New Delhi: Public Provident Fund (PPF), one of the most popular investment schemes offered by the Indian Government, aims to provide a secure post-retirement period to investors.
With the uncertain lessons taught by COVID-19, investors have now started to save bucks early in their lives. Such investors can also start investing in the PPF scheme, which offers an easy option to make Rs 15 lakh by saving a small portion of your salary.
In the PPF scheme, you can start your investment journey with as little as Rs 500 per month. However, for receiving Rs 15 lakh rupees on maturity, investors need to invest at least Rs 5000 rupees every month which translates to roughly Rs 60,000 in a year.
Investors will need to invest for about 15 years continuously to receive Rs 15 lakhs on maturity. Currently, the interest rate offered on PPF is about 7.1%. At the end of 15 years, investors receive more than Rs 15 lakhs – Rs 9 lakh as principal and Rs 6 lakh 77 thousand in interest. The total maturity sum stands at about Rs 15 lakh 78 thousand.
The PPF investment scheme is run by the Indian government to promote savings among Indian investors. The scheme that comes with a tenure of 15 years is considered a safe investment. Also Read: Google is finally adding dark mode to search on desktop
In this scheme, investors can withdraw partial amounts from the corpus in case of emergencies such as illness. Moreover, investors can invest up to Rs 1.5 lakh rupees annually in PPF. Also Read: Here’s how Amazon, Facebook, Google, Microsoft made billions during war on terror