This scheme of the government is very popular across the country. Its name is Public Provident Fund. At present, by investing in this scheme, you are getting an excellent interest rate of 7.1 percent. Money invested in Public Provident Fund matures in 15 years. If you also want to collect more than Rs 9 lakh by investing Rs 3,000 in Public Provident Fund. In such a situation, let us understand this entire mathematics of investment in detail –

For this, first of all you have to go to your nearest bank or post office and open a PPF account. After opening the account, you have to save Rs 3,000 every month and invest Rs 36,000 annually in PPF.

If calculated on the basis of current interest rate of 7.1 percent, then at the time of maturity after 15 years, you will have around Rs 9,76,370. During this period you will have to invest a total of Rs 5,40,000.

You will get a total of Rs 4,36,370 as interest on your investment. In such a situation, you will get around Rs 9,76,370 at the time of maturity. With the money you receive at the time of maturity, you can fulfill important purposes related to your future.

You have to invest a minimum of Rs 500 in PPF. You can invest a maximum of Rs 1.5 lakh annually in this scheme. After maturity of 15 years, you can extend your investment period for another 5 years.

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Public Provident Fund (PPF) is a safe investment scheme. Due to the excellent returns and tax savings, the number of people investing in PPF is increasing. The government is paying interest at the rate of 7.1 percent on the amount deposited in the PPF account. PPF account can be opened in post office or any bank branch.

A minimum of Rs 500 and a maximum of Rs 1,50,000 can be deposited in PPF account per year. This is the scheme of EEE category. This means that the amount deposited every year, the interest earned on this amount every year and the entire amount received at the time of maturity are tax free.

The lock-in period of PPF is 15 years. If money is needed, some amount can be withdrawn from the PPF account even before 15 years. If you want to withdraw money from the account before 15 years or want to close it, then for partial withdrawal you have to follow certain conditions. After 15 years, the entire amount deposited in the account can be withdrawn.

What is the rule of partial withdrawal

According to a media report, PPF account holders can withdraw 50% of the amount from the PPF account in the 7th year. Please tell that the PPF account is completely locked in for the first 6 years. If a person has to start investing in the financial year 2020-2021, then he can withdraw money only after 2025-2026 in case of emergency. You do not have to pay any tax even if you withdraw money before time. If the account holder dies before the maturity of the PPF account, then this condition of 7 years is not applicable to the nominee of the account holder. Nominee can withdraw money anytime.

You can also close the account earlier

In some circumstances, your PPF account can be closed before the end of the 15-year period. According to the PPF Withdrawal Rules 2021, the PPF account can be closed prematurely if the account holder or dependents have a life-threatening illness or need money for higher education. If it is closed before the maturity period, 1% interest is deducted from the date of opening till the date of closure.

How to withdraw money Form C has to be submitted for premature withdrawal of money from PPF account. This form is available in post office and bank. In the form, you have to fill the account number and the amount you want to withdraw. You have to submit the form along with the passbook. The amount will be deposited directly into your savings account, or you can take the same through demand draft.

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