Post Office PPF Scheme: Keeping in mind the needs of the citizens of the country, the central government runs many types of savings schemes, which provide them financial security. PPF i.e. Public Provident Fund Scheme is one of those savings schemes. PPF is a long-standing popular savings scheme run by the Central Government. Currently, 7.1 percent annual interest is being given on the PPF scheme. If you are investing in PPF scheme then you have to deposit money at least once in a year. Apart from this, for your convenience, you can deposit a lump sum every year in the PPF account or continue investing in maximum 12 installments.
PPF account can be opened with an annual investment of just Rs 500
Under the PPF scheme, a minimum of Rs 500 and a maximum of Rs 1.50 lakh can be deposited in a year. PPF account matures in 15 years. PPF account can be opened in any bank other than post office. If you deposit Rs 7000 every month in your PPF account, your annual investment will become Rs 84,000. If you invest Rs 84,000 annually in the PPF scheme, then after 15 years i.e. on maturity, you will get a total of Rs 22,78,197, which includes Rs 12,60,000 of your investment and Rs 10,18,197 of interest.
Loan facility available on PPF account
You also get many types of facilities with PPF account. Yes, you can easily get loan with PPF account. However, you have to take special care of one thing. You have to deposit at least Rs 500 every year. If you do not deposit at least Rs 500 in a year, your account will be closed. But, there is no need to take tension here because it can be activated again by paying a fine. You cannot withdraw money from this account for 5 years from the date of opening PPF account. After 5 years, money can be withdrawn from the PPF account only in certain circumstances like serious illness, children’s education.
Disclaimer: This article has been written for information purposes only. Always consult your financial advisor before making any kind of investment or taking any financial risk. India TV will not be liable for any kind of risk.
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