Post Office Scheme: Post Office is one of the most preferred options for middle class salaried people in India looking for a safe investment with good returns.
Although there are many opportunities for profit in the stock market too, but if you want to invest your money somewhere, then the post office is considered very safe and it also gives good returns. Post Office Public Provident Fund (Post Office PPF) scheme is a better option. Even if you invest only a small amount in this scheme, you can still make a substantial profit.
This plan offers both protection and savings. Post Office PPF account is one of the best options for investors because of the high rate of return. Investors are guaranteed a fixed rate of return at the same rate at which their money was initially invested under the scheme. This means that even if interest rates are cut later, investors will still be given the benefit of the earlier interest rate.
These people cannot open account
In this scheme any one person can open his account. New joint account is not allowed. On behalf of minors, parents or legal guardians can open the account. As per post office rules, NRI cannot open the account.
The maturity time of this program is 15 years, you have the option to extend it twice for a period of 5 years. In addition, you also get tax benefits. 7.1 percent annual interest rate is being given in this scheme. In this case, the interest compounds annually.
Return calculator
If you invest Rs 12,500 per month i.e. Rs 417 per day in 15 years or till maturity, then your total investment will be Rs 22.50 lakh. You will also get the benefit of compound interest with an annual interest rate of 7.1 percent, that too as per the rules. Then you will get Rs 18.18 lakh as interest. Including both, a total of Rs 40.68 lakh will be ready with you. If you decide to extend your investment twice for 5 years each, you will get Rs 1.03 crore.
