New Delhi:
The Old Pension Scheme (OPS) and the New Pension Scheme or National Pension Scheme have been in discussion for some time now.
The governments of some states have also implemented the old pension scheme for their employees or the old pension scheme. Promised to implement.
But broadly, the truth of the current era is that pension is not available in all private jobs and most government jobs… How to find a respectable way to make a living…
What is the PPF scheme to make millionaires…?
Today we will tell you about one such scheme, which can generate a legal, legal and tax-free amount of crores of rupees in your hands at the time of retirement.
You must have heard about the scheme earlier also, but through this, a working Indian youth, who lives in India, can deposit crores of rupees till retirement;
you might have never thought that… The name of this scheme Is – Public Provident Fund or Public Provident Fund or PPF or PPF…
This Government, Small Savings Scheme, can not only give you a tax-free amount of more than 2.25 crores on retirement, but due to this scheme, you can also keep saving income tax for many decades…
The interesting fact is that If both husband and wife invest in this scheme, the total amount received at the time of retirement can be more than Rs.
Through this, husband and wife would have saved tax up to Rs. 93,600 (Rs. 46,800 each) every year for the entire 35 years… Remember
that this tax saving amount will be Rs. 46,800 only when the investor pays 30% income tax according to the highest income tax slab.
Suppose the person investing in PPF is paying tax under any lower income tax slab. In that case, these tax savings also reduces in the same proportion. Will go…
How will a millionaire create a PPF account…?
The time has come to tell about this scheme in detail… PPF, one of the small savings schemes of the Government of India, is the most popular savings scheme in the last few decades… Under this scheme,
any Indian person post office, i.e., can open an account in the post office or any bank branch… A minimum of Rs 500 and
a maximum of Rs 1,50,000 can be deposited in the PPF account per year (i.e., financial year – April 1 to March 31).
The interest of this amount is added to the account on the last day of every financial year… So, now, if the investor deposits the entire Rs 1.5 lakh on April 1 every year,
then the maximum amount will be in his account at the end of March next year. Interest will be deposited… Currently, the government pays interest on the PPF account at the rate of 7.1 percent,
which has decreased significantly compared to the initial years of this scheme. Still, the interest in the PPF account is higher than all existing Better than normal schemes…
It is noteworthy that in the Small Savings Scheme run by the government, at present only Sukanya Samriddhi Yojana (10 years or above) For
the youngest girl child) and Senior Citizen Savings Scheme (for senior citizens) are the only schemes with interest rates higher than PPF…
Another feature of the PPF scheme is that it is an EEE category scheme, which means that it gets tax exemption on the amount deposited every year,
there is no tax on the interest earned every year, And maturity, that is, the entire amount (principal and interest) received at the time of maturity is also completely out of the tax net.
Now you also know that through this scheme, how one can become a millionaire by the time of retirement… If someone opens a PPF account at the age of 25,
and every year on April 1, one and a half lakh rupees are deposited in his account. (maximum limit), then at the current interest rate, Rs 10,650 will be deposited in the PPF account on March 31 of next year,
which will add up to the account’s balance, i.e., Rs 1,60,650 on the first day of the next financial year starting April 1.
I will pay Rs. 3,10,650 if the same amount is added to Rs. 1.5 lakh deposited in the next financial year, and from that, the account holder will get interested on Rs. 3,10,650 in the next year,
which will become Rs. 22,056 at the current interest rate … If in the same way every year 1.5 lakh rupees are deposited in the account, then after the completion of 15 years of maturity,
40,68,209 rupees will be present in the PPF account, in which the actual investment of the account holder is 22,50,000 rupees and interest The amount received as Rs. 18,18,209 will be…
If the account holder’s age was 25 years at the time of opening the account, he would now be 40 years old but far away from retirement…
The real journey of the PPF account holder to become a crorepati would begin now… An important fact is that as per the rules,
a PPF account can be extended for five years by applying before maturity, and this extension can be availed any number of times by an account holder… Now how to open a PPF account for five years.
Suppose the annual investment routine is maintained after that, the next time it reaches maturity (20 years of the PPF account and 45 years of the investor’s age).
In that case, it will show a total deposit of Rs 66,58,288, in which the original investment of the account holder is Rs 30,00,000 Rs, and the interest earned will be Rs 36,58,288…
The account holder now has to extend the PPF account again, i.e., for five years, and continue to invest the maximum every year as before… Next time at maturity,
i.e., at the age of 50 years of the account holder PPF The total amount in the account will reflect Rs 1,03,08,014, of which the principal will be Rs 37,50,000 and the interest will be Rs 65,58,015… Once again,
the PPF account will have to be extended. After five years, when the account holder turns 55, The total amount deposited in the account would have been Rs 1,54,50,910, and the investment amount would have been Rs 45,00,000.
The interest amount would have been Rs 1,09,50,911… This time the last extension would have to be obtained.
Every year After continuous investment when the PPF account matures, i.e., when the account holder is 60 years old,
the total accumulated amount in the PPF account will be Rs 2,26,97,857, in which the account holder’s investment will be Rs 52,50,000. The interest amount will be Rs 1; 74,47,857 will be Rs…
There is no tax on the amount received from the PPF account
The biggest feature of this huge amount of Rs 2,26,97,857 will be that the account holder will not have to pay any tax on it, and it will be a completely fair amount, i.e., white money… Remember,
Well, the investor invested every year for 35 years to get this amount of crores of rupees, and even on that, he has saved about Rs 16,38,000 in 35 years at the rate of Rs 46,800 per year…
Even after getting detailed information about Public Provident Fund, i.e., PPF, the special things worth remembering are…
How much interest will be paid on the PPF account? The central government revises it every quarter, so in case of a decrease or increase in the interest rate, the total amount received on retirement may also decrease or increase.
To get the maximum benefit, it would be better for the PPF account holder to invest at the beginning of April to get full interest…
Keep in mind the maturity amount mentioned in this article, i.e., the maturity amount is received after running the PPF account continuously for 35 years, so if the initial age of the account holder is more than 25 years.
The account holder manages his account for 15 years routine Will not give an extension at least four times after maturity; even, in that case, the amount received at the end may be more or less…
