weather_iconAshburn | 9.3 °C | AQI 20
Wednesday, 9 October, 2024

---Advertisement---

Business

Saving Schemes: Invest in this SIP to get Rs41 Lakh on Maturity

Saving Schemes: Small Saving Schemes offer a safe investment option with no risk of losing money. Instead, they receive guaranteed returns. There is also a monthly saving scheme investment option, known as a Systematic Investment Plan, or SIP. This scheme is known as the Public Provident Fund (PPF), and it can be started at any […]

Saving Schemes: Small Saving Schemes offer a safe investment option with no risk of losing money. Instead, they receive guaranteed returns. There is also a monthly saving scheme investment option, known as a Systematic Investment Plan, or SIP. This scheme is known as the Public Provident Fund (PPF), and it can be started at any post office branch. In this case, the interest rate is also higher than in many other small savings. You can achieve your long-term goal.

Saving Schemes: Maximum investment

This saving scheme allows you to invest a maximum of Rs 1.50 lakh in a fiscal year. At the same time, at least 500 rupees must be invested. If you want to reach the maximum limit on a monthly basis, you must invest Rs 12,500 each month.

---Advertisement---

Saving Schemes: How much interest?

The Public Provident Fund is a popular option, especially for those looking to make long-term investments. It encourages long-term investment due to its 15-year maturity period. Simultaneously, investing in this government scheme provides guaranteed returns. Currently, interest is being paid on this at a rate of 7.1% per year.

How much will be received upon maturity?

  • Monthly investment: Rs 12500
  • Annual interest rate: 7.1 percent
  • 15 years of maturity
  • The amount received at maturity is Rs 40,68,209.
  • Rs 22,50,000 is the total investment.
  • Rs 18,18,209 lakh in interest benefit

Saving Schemes advantages

  • The PPF interest rate is 7.1% per year, which is higher than the fixed deposits of many banks. This has the advantage of compounding.
  • There is an option to open a single account under this. Any parent can open this account in the child’s name.
  • A minimum deposit of Rs.500 is required to open this account. In a fiscal year, the maximum deposit limit is 1.50 lacs.
  • The account will mature in 15 years, but it can be extended for an additional 5-5 years.
  • The interest and maturity amount on PPF deposits are tax-free.
  • After one year from the date of account opening, the PPF account holder can obtain a loan against his deposits.
  • PPF deposits are guaranteed by the government. This means that your money will be safe while also having a guaranteed return.
  • The amount deposited in the PPF account cannot be attached under any court order or decree if the PPF account holder defaults on any loan, according to the rules.

---Advertisement---
HISTORY

Written By

Divya Richa


Get Breaking News First and Latest Updates from India and around the world on News24. Follow News24 on Facebook, Twitter.

Related Story

Live News

---Advertisement---


live

Latest LIVE News Trending Today, Real Time Updates: ‘AAP Fully Capable Of Defeating BJP In Delhi’, Says Raghav Chadha

Oct 09, 2024
Latest LIVE News Trending Today, Real Time Updates
  • 17:15 (IST) 9 Oct 2024

    AAP Claims It Has the Strength to Take Down BJP Alone in Delhi

  • 16:10 (IST) 9 Oct 2024

    Election Commission Writes to Congress President Mallikarjun Kharge

  • 12:05 (IST) 9 Oct 2024

    Sanjay Raut Highlights Importance Of J&K Loss For BJP

N24 Shorts Logo

SHORTS

Star Candidates in the assembly election results 2024
India

LIVE Haryana, J&K Election Results 2024: Will Star Candidates Bloom Or Gloom? Ravinder Raina Lost Nowshera, Anil Vij Wins Ambala Cantt

Star candidates who otherwise kept grabbing eyeballs have put their fate to the test in the democratic dangal and the decision is to be declared soon in the assembly election results.

View All Shorts

---Advertisement---

Trending