Investing solely Rs 500 on this authorities scheme could make you a millionaire, here is how

Reported By:| Edited By: |Source: |Updated: May 28, 2023, 06:52 PM IST

A good way of saving cash is thru this authorities scheme. The Public Provident Fund (PPF) is certainly one of India’s hottest schemes. The PPF scheme not solely helps you lower your expenses, nevertheless it additionally deducts the payable earnings tax quantity. One can open a PPF account and deposit solely Rs 500 per 12 months.

Anyone can deposit a minimal of Rs 500 and a most of Rs 1.5 lakh for every monetary 12 months. The funding may be made in a lump sum or in  12 instalments.  PPF scheme is a long-term funding coverage with a minimal tenure of 15 years. This tenure may be prolonged by 5 years block as per want. 

A PPF account may be opened with simply Rs 100 per thirty days. If an funding of Rs 1.5 lakh is made, then it is not going to earn curiosity and won’t be eligible for tax financial savings.  PPF account can solely be opened in a person’s identify however the account holders can designate a nominee each on the time of opening the account or subsequently. 

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PPF account eligibility 

Anyone who’s an Indian citizen can open a PPF account. It is to be famous that one citizen can have just one PPF account. 

PPF account: How to open

A PPF account may be created with both a Post Office or with any nationalised financial institution reminiscent of SBI, PNB, extra. 

PPF Account: Steps to open an account

• Log into your checking account on the Internet banking or cellular banking platform.
• Select the ‘Open a PPF Account’ choice.
• If the account is for self, click on on the ‘Self Account’ choice. If you might be opening the account on behalf of a minor, choose the ‘Minor Account’ choice.
• Enter the related particulars within the utility type.
• Key within the whole quantity you need to deposit within the account per monetary 12 months.
• Submit the applying. An OTP can be despatched to the registered cellular quantity. Enter it within the related area.
• Your PPF account will get created immediately! Your PPF account quantity can be displayed on the display.
• An e mail can be despatched to your registered e mail handle with all the main points confirming the identical.