Want to become a millionaire without risk, will have to invest in this government scheme, this is the detail

Government Scheme: Government schemes are a great option for investment. In this, where you get good returns, your money is also completely safe. In most of these schemes, one can start investing with a very small amount and build a large corpus. Today we will tell you about such a scheme of the central government, through which you can create a fund of Rs 1 crore. The name of this scheme is Public Provident Fund. You can take this scheme from the post office or government bank.

You can invest even just Rs 500
You can start investing in PPF with just Rs 500. You can invest a maximum of Rs 1.5 lakh in this account in a year and a maximum of Rs 12,500 per month. In this you get good returns. Apart from this the interest rates are also good. The maturity period of PPF is 15 years, but you can extend it over a period of 5-5 years.

How much interest will you get?
Investors currently get the benefit of interest at the rate of 7.1 percent on this scheme of the Central Government. In this scheme, the government pays interest every month after March. Apart from this, you can open a PPF account in your own name or as a guardian of a minor.

get benefit of tax exemption
In this scheme, investors also get the benefit of income tax exemption. You can take advantage of tax exemption under section 80C.

In this way you will get Rs 1 crore
If we want to collect one crore rupees from this scheme, then we have to make this investment period of 25 years. By then, Rs 37,50,000 would have been deposited on the basis of annual deposit of Rs 1.5 lakh, on which an interest of Rs 65,58,012 would be earned at the rate of 7.1 per cent per annum. At the same time, the maturity amount would have been Rs 1,03,08,012 by then. Please note that the maturity period of PPF account is 15 years. If this account is to be extended for 15 years, then this account can be extended for the next five years.

Disclaimer: (The information provided here is for informational purposes only. Always consult an expert before investing money as an investor. No one is ever advised to invest money from ABPLive.com here.)

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