The Government of India runs many schemes for the people. There are different types of schemes for different people. Investment is a very important part of people's life. If the investment is made in a good place, then you never face a shortage of money when needed. That is why people keep depositing small amounts of money in different schemes.
Some people invest in mutual funds, some in the stock market, and some people invest in government investment schemes. One such great saving scheme is PPF i.e. Public Provident Fund. By investing in it, you can collect funds worth lakhs of rupees in a few months. What is the investment formula in this, how can you collect funds worth lakhs, let us tell you.
Open an account in the Public Provident Fund
You do not need much money to open an account in the Public Provident Fund i.e. PPF. If you want, you can open your account in this scheme for just ₹500. For that, you have to deposit at least ₹500 in a financial year. On the other hand, if you want to invest more in it, then you can deposit 1.5 lakh rupees annually. This is the maximum limit in PPF. More than this amount cannot be invested in a year.
The maturity period is 15 years
The maturity period of Public Provident Fund i.e. PPF is 15 years. That is, after opening an account in it, you have to invest for 15 years. After that, if you want, you can withdraw the entire money from your PPF fund. But if you do not need the money.
Then you can keep the account running for 5 more years. Let us tell you that the lock-in period of the scheme is 5 years. That is, you cannot withdraw money before this. You can withdraw money after 5 years. But 1% will be deducted from your fund on that.
If you deposit ₹500, you will get this much in 15 years
If you deposit the minimum investment amount i.e. ₹500 every month in your PPF account, then at this interest rate you will get 1.63 lakh rupees after 15 years. If you invest 1000 rupees every month, then you will get about 3.5 lakh rupees after 15 years.
This much will have to be deposited for 40 lakhs
If you want to collect a fund of more than 40 lakh rupees in 15 years, then for this you will have to deposit about 12500 rupees in your PPF account every month. If you deposit 12500 rupees every month for 5 years, then you can get about 40.68 lakh rupees after 15 years. Let us tell you that the PPF interest rate is reviewed every 3 months. In this, your money can increase or decrease.
(PC: Freepik)
