Post Office PPF Scheme : Post Office’s popular small savings scheme Public Provident Fund can not only be a means of raising a large fund in the long term, but can also be a means of monthly income. For this, you should have complete information about PPF. PPF is a government scheme, which is known for retirement scheme. Due to its maturity of 15 years, it promotes long term investment. Even after maturity, it can be extended for 5 years with or without investment. There is also a facility of withdrawal from it in the extended period.
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How to get interest on extension
After the maturity of 15 years, PPF can be extended for 5 years at a time. After 5 years, it can be extended for another 5 years. If you extend the scheme after the maturity of 15 years, then after 15 years, you will continue to get 7.1 percent annual interest on the closing balance. On the other hand, if you extend it with investment, then interest on interest will be added in the scheme in the same way as before maturity. When you extend the scheme with investment for 5 years, then you can withdraw up to 60 percent of the amount in a year.
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Can you create a fund of Rs 1 crore?
By the way, if you deposit the maximum amount in every financial year till maturity i.e. for 15 years in PPF, then according to the current interest rate, a total fund of Rs 40,68,209 can be raised. But if you extend it twice for 5 years before using it as monthly income, then after 25 years you will have a fund of Rs 1 crore.
Deposit in one financial year: Rs 1.50 lakh
Interest rate: 7.1% per annum
Total deposit in 15 years: Rs 22,50,000
Total funds after 15 years: Rs 40,68,209
On extending 2 times
Total deposit in 25 years: Rs 37,50,000
Total funds after 15 years: Rs 1.02 crore
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How to earn more than 50 thousand per month
If you want to earn monthly from it after raising 1 crore fund, then you can now avail the benefit by extending it once or more than once for 5 years. If you have extended the scheme for 5 years without investing anything, then you will get annual interest on the closing balance. At the same time, you can withdraw any percentage of the total amount once every year. It can be up to 100 percent.
Here, you will get 7.1 percent annual interest on a closing balance of Rs 1 crore. This will be Rs 7,31,300 in a year. You can withdraw this entire interest amount once in a year. If you divide it into 12 months, it will be around Rs 60,000 per month. There will be no tax on this withdrawal.
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How to open PPF account?
Any Indian citizen can open this account in his or his child’s name. Both offline and online processes are available for this. These are the documents required for this.
KYC documents verifying a person’s identity, such as Aadhaar card, voter ID card, driving license, etc.
PAN card
Address Proof
Form for declaration of nominee
passport size photo
(source: india post, clear tax)
