Everyone wants to become a crorepati. But not all people become crorepati. If you want to become a croroepati with your own hard work then these schemes of the India post may help you. The government will completely take care of your money so that your money will remain safe. Your dream of becoming a crorepati may be fulfilled if you invest in the Public Provident Fund (PPF) scheme of the India Post. You will get a better interest rate as it is of union government. With this, you will also get benefit of deduction of taxes.
How much you should invest:
According to the scheme, you can invest maximum Rs 1.5 lakh. As per the rules of the Income Tax Department you will get the benefit of deduction of the taxes by investing Rs 1.5 lakh annually. This apart, the scheme also gives benefit as per the EEE (exempt-exempt-exempt).
Interest rate in Public Provident Fund (PPF):
The Union government decides the interest rates of different schemes including the PPF once in every three months. For the month between April 2020 and June 2020 the government has fixed an interest rate of 7.1%. The maturity period of the PPF account is fixed at 15 years. Similarly, an individual can extend it once in every five years. For this, they have to apply for the same at the concerned post office. You need to fill the form 15h on the same year of completing your maturity period.
If you want to become crorepati you will have to invest this much every year:
You can invest Rs 12,500 every month. It means you will invest Rs 1.5 lakh annually. Accordingly if you are investing till the completion of the maturity period (15 year) and getting an interest of 7.1% for 15 years then you will get a maturity amount of around Rs 42.60 lakh. Likewise, if you are extending for the next two five years each (10 years) then you will get a maturity amount of Rs 1 core after 25 years of maturity period.
This is how you can become a crorepati by investing in the schemes of the Indian post.
Ms Kalinga AI