Each scheme comes with specific features such as tenure, eligibility, deposit limits and interest rates. The schemes launched by the government benefit different sections of the society.

Many Savings Schemes

Some savings schemes are for senior citizens, some are targeted for the welfare of women. There are special schemes for farmers as well as salaried people. Here we are going to tell you about a special scheme, from which people can take a lot of advantage. Whereas now we are going to tell you about a scheme of the post office.

National Savings (Monthly Income Account) Scheme

This savings scheme of the government is very special. People can also earn a certain amount of interest from the National Savings (Monthly Income Account) scheme. In this, a maximum of Rs 9 lakh can be deposited in a single account and Rs 15 lakh in a joint account. At the same time, the account matures after 5 years.

Maximum Amount

A depositor can operate more than one account under this scheme subject to the maximum amount that can be invested in a single or joint account. At the same time, this account can be closed prematurely after one year. However, if it is closed before 3 years, then there will be a deduction of 2%. If the account is closed after the end of three years, 1% of the deposit will be deducted. In this account, 7.1% interest is given from January 1 to March 31, 2023.

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Post Office Public Provident Fund (Post Office PPF Scheme) gives you a chance to become a millionaire. For this you just have to invest Rs 417 everyday. Although the maturity period of this account is 15 years, but you can extend it twice for 5-5 years. Along with this, you also get tax benefit in this scheme. At the same time, the most important thing is that you get 7.1 percent interest annually in this scheme and which also gives you the benefit of compound interest every year. Let us also tell you how this scheme can make you a millionaire.

Know details of post office PPF account

If you invest for 15 years i.e. till maturity and deposit a maximum of Rs 1.5 lakh annually ie Rs 12500 per month and Rs 417 per day, then your total investment will be Rs 22.50 lakh. At the time of maturity, you will also get the benefit of compounding with an annual interest of 7.1%. In this, at the time of maturity, you will get Rs 18.18 lakh as interest. That is, you will get a total of Rs 40.68 lakh.

How will you become a millionaire?

On the other hand, if you want to become a millionaire from this scheme, then you can extend your investment in this scheme for 5-5 times twice after 15 years. By investing Rs 1.5 lakh annually, your total investment will be Rs 37.50 lakh. After maturity, you will get Rs 65.58 lakh with an interest rate of 7.1 percent. That is, after 25 years, your total fund will be 1.03 crores.

Who can open PPF account

Any resident including salaried, self-employed, pensioners etc. can open an account in PPF of the post office.
Only one person can open this account.
You cannot open a joint account in this.
– A minor PPF account can be opened in a post office by a parent/guardian on behalf of a minor child.
– Non-resident Indians cannot open an account in this. If a resident Indian becomes an NRI before the maturity of the PPF account, he can continue to operate the account till maturity.

Required documents of post office PPF account

Identity Proof – Voter ID, Passport, Driving License, Aadhar Card
Address Proof – Voter ID, Passport, Driving License, Aadhar Card
PAN Card
Passport Size Photograph
Enrollment Form – Form E

Know the specialty of PPF account

1. The maximum deposit allowed in a PPF account during a financial year is Rs 1.5 lakh.
2. The number of deposits in Post Office PPF is limited to 12 annually.
3. PPF is an EEE investment i.e. principal amount invested, interest earned and maturity amount are all tax-free.
4. The minimum annual investment required to keep the account active is Rs.500.
5. Interest on Post Office PPF account is compounded annually and is paid on 31st March every year.

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Everyone should save to meet future financial needs. Well, there are many options to invest money. Many people invest in the stock market, mutual funds or any cryptocurrency. All of this carries a lot of risk. There are many savings schemes for investing in post office which are tax rebate along with high interest rate.

Most importantly, guaranteed by the Government of India. Today, we are telling you about such a scheme of the post office, in which you can earn big profits from small investments. One should invest in Post Office Recurring Deposit (RD) scheme for good returns. Let’s know about this plan.

Safest Investment Investing

in the post office not only keeps our money safe, but also gives us good returns. Money never sinks in Post Office Recurring Deposit Scheme investment. Because this scheme is run under the supervision of the government. Large funds can also be created by depositing some money in an RD account. RD account can be started with a deposit of just Rs.100. At present, 5.8 percent interest is being given on the recurring deposit scheme.

No maximum limit

of deposit No maximum limit has been fixed for depositing money in this scheme of the post office. Recurring deposit can be made for one year, two years or three years as per your convenience. The most important thing is that the interest on the money deposited in this RD is given quarterly. At the end of every quarter, your account is credited with compound interest.

Who can open the account

Any person above the age of 18 years can open an account in the Post Office Recurring Deposit Scheme. In this you can also open a joint account. A minor’s account can also be opened by the guardian. For this, an account can also be opened in the name of a minor who is above 10 years of age.

You will get so many lakhs on maturity, you can earn good profits from this scheme. If you invest 10 thousand rupees every month in this post office scheme for 10 years. So you will get 5.8 percent interest after 10 years. On maturity, you will get more than Rs 16 lakh. If you deposit Rs 10,000 every month, then you will get Rs 16,28,963 on maturity of 10 years on getting interest at the rate of 5.8 percent.

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