New Post Office Scheme: Deposit only Rs 417 in this government scheme and get 1 crore on maturity, see details
New Post Office Scheme: Post office is a hope for the middle class of the country. Many schemes there benefit the common people a lot. At the same time, everyone is looking for good returns and safe investment, so from this point of view, you can invest money in the post office public provident fund (post office ppf) scheme. Here you will be able to keep your money safe and you will also get good returns. Even if you invest only a small amount in this scheme, you can still make a significant profit.
This scheme will build up a decent amount by adding to your savings. The post office PPF account is very popular with investors because of the high returns it offers. This is one of the best options. Investors are guaranteed a fixed return at the rate at which their money was initially invested under the scheme. This means that even if interest rates are cut later, investors need not worry about their change.
Only the person registering for the account can open the account under the scheme. Thereafter, the scheme prohibits opening of any new joint accounts. On behalf of minors, parents or legal guardians can open the account.
What is scheme
This scheme is not for NRI people. However, an Indian who becomes an NRI before reaching the age of majority is eligible for the benefit. You will get a guarantee in the amount of Rs. You will get a return of up to one crore in this. In the previous example, if you deposited Rs 417 in a bank account every day for 25 years, your total return could reach Rs 1 crore.
Although this program has a maturity period of 15 years, you have the option to extend it twice for a period of 5 years each. Plus, you get tax benefits. Here 7.1 percent annual interest rate is being given. In this case, the interest is compounded annually.
Read more- Post Office Issued New Plan: 2500 rupees will be available every month in this post office scheme, know the complete details immediately
How much return will you get
In 15 years, or till maturity, if you invest Rs 12,500 per month or Rs 417 per day, your total investment will be Rs 22.50 lakh. You will also get the benefit of compounding with an annual interest rate of 7.1 percent as per rules. After this you will get Rs 18.18 lakh as interest. Including both, you have a total of Rs 40.68 lakh.
If you decide to continue your investment twice for 5 years each, you will get Rs 1.03 crore. In this scenario your total investment will be Rs.37.50 Lakhs. The interest you pay adds up to Rs 65.58 lakh. The total amount you will get is Rs 1.03 crore.