Post Office Small Saving Scheme: With Monthly Deposit of Rs 12000, You Can Earn up to Rs 1.03 Crore on Maturity | Know all details here
There are many post office schemes that people aren’t aware of. Recently, India Post launched a new scheme where you can invest a small amount without risk and gain huge benefits. This scheme is effective and has no risks. All you have to do is pay Rs 12,000 every month.
In this scheme, you get a 7.1 per cent interest rate every year on compound interest. The scheme matures after 15 years. However, this scheme can be extended to 5 more years after it is matured. If you continue the scheme even after 15 years, you will keep receiving the interest benefits for 5 more years. So if you have money for it, you must invest in it for 20 years.
In this scheme, you can deposit up to Rs 1.5 lakh annually. Another option is to deposit Rs 12,500 every month. You can also take tax benefits from this scheme. After you apply for PPF tax exemption under the IT Act 80C, the income you receive is tax-free.
But what is the calculation of this scheme? In this article you will see the detailed calculation:
PPF Interest Calculation
You will get an interest amount of Rs 18 lakh if you invest Rs 22.5 lakh in this saving scheme.
• Investment/month: Rs. 12,500
• Investment/year: Rs 1.50 lakh
• Total money invested in 15 years: Rs 22.50 lakh
• Interest rate: 7.1 %
• Final Amount: Rs 40.70 lakh
If you continue the same scheme for 25 years, then the calculation will be:
• Investment/month: Rs. 12,500
• Investment/year: Rs 1.50 lakh
• Total money invested in 25 years: Rs 37.50 lakh
• Interest rate: 7.1 %
• Final Amount: Rs 1.03 crore
• Interest amount: Rs 62.50 lakh
People who can apply for this scheme must be a resident of India and if the account is of a minor/medically unsound person – a guardian can take care of the account. Only a single account can be created that is either at the Post Office or any other bank. The minimum amount required to deposit under this scheme is Rs 500 and the maximum the customer can deposit is Rs 1.50 lakh.
If Rs 500 is not received at the end of the financial year, then the account is automatically discontinued.
So, if you are in the early years, you can look forward to investing in this scheme for your long term goals.
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