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Saturday, June 20, 2020

Get up to Rs 2 lakh by investing Rs 100

  • PPF was established by the Government of India on the 19th

The purpose of this scheme

That is, unorganized sector employees, who do not have EPF, pension, etc., have the opportunity to save money for their future. The government exempted PPF from all taxes so that more and more people would adopt the scheme.

What is PPF scheme

PPF is a small savings plan.
It is a government-backed savings scheme.
In which you get an amount of up to Rs 2 lakh by investing Rs 100
By investing in this scheme, you can also save Rs 1.5 lakh per annum in income tax.
Under Section 80C of the Income Tax Act, tax exemption can be obtained by opting for the old tax slab.

You can apply for the benefit of this scheme at any bank near you.

Click Here To Gujarati

The plan of this scheme

Thus easily understand if a 25 year old saves Rs 3,000 (Rs 100 daily) from his monthly salary and deposits it in a PPF account, then his PPF contribution up to 35 years and interest rate of 7.1 per cent will give him a total of Rs 54.47 lakh.

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