There are many ways if you are working every month and want to invest a little income. Also you can save a small amount each month.
PPF (Public Futures Fund) is a good option if you want a guaranteed fixed income in addition to keeping money safe. You can also invest in PPF for kids. If you start investing in PPF in the name of your child (daughter or son), he becomes a millionaire until he becomes an adult. This money can be used for his marriage or study.
Know the details of the PPF account
You can open a PPF account in the name of your child at the post office or any bank. When filling out the PPF form you need to say that this account is being opened to the child’s name. Documents required to open a child’s PPF account include child proof, including your KYC records and photos. The PPF account can be opened for just Rs 500. One can have only one PPF account in the name of a child.
The child will have an extradition account
No age limit has been placed on opening a PPF account. If you open a child account, you will maintain his PPF account until he is 18 years old. Once the child is 18 years old, the PPF account will be handed over to him. He then maintains his PPF account himself.
How a child becomes a millionaire
Interest rate is currently 7.1 per cent on PPF. At the same time, its expiration date is 15 years. If you invest 1000 rupees every month, you will invest a total of 1.80 lakhs in 15 years. For this money, you get a total interest of Rs 1.45 lakh and you pay a maturity of Rs 3.25 lakh. Can be obtained. Here the interest rate for the entire investment period is estimated at 7.1%. If the interest rate increases, the closing amount also increases.
PPF tax rebate
You can open a PPF account on your own or on behalf of the minor. PPF is a 15-year investment plan under which you get tax deduction on deposit, interest and termination amount. Although the PPF has a maturity period of 15 years, you can extend it to 20, 25 and 30 years. For this, you need to submit a form every 5 years (after 15 years).
Maximum investment in PPF
500 per annum and maximum of Rs 1.5 lakh per annum in PPF account. Money can be deposited 12 times a year. If you deposit more than Rs.
