Post Office PPF Scheme: The specialty of Post Office Public Provident Fund is that you can withdraw the entire amount with interest even before the maturity period, if required.
New Delhi. It is the desire of every human being that in return for investing money, he should get huge profits and a guarantee of not losing money. One can get both these things only by investing in Post Office Schemes. Public Provident Fund is one of them guaranteed scheme of the post office. This is the reason that the money deposited in the PPF account and the interest earned on it is guaranteed. If you deposit Rs 70 daily in the PPF scheme, then you will get a fund of lakhs of rupees at the end of maturity period i.e. 15 years.
This work will have to be done to take advantage of the scheme
On opening the post office PPM scheme, you will have to deposit Rs 70 every day. That means 2000 rupees per month. In this way you will deposit 24 thousand rupees every year in the post office. According to 24 thousand rupees in 15 years, your total investment amount will be 3.60 lakh rupees. 2,90,913 will get interest at the rate of 7.1 percent at the current rate. Accordingly, after 15 years you will get a total amount of 6 lakh 50 thousand rupees on maturity.
Maturity amount may increase due to increase in interest rates
It is to be noted that the interest rates of post office schemes are reviewed every quarter. That is, it is possible to change them every quarter. However, there has been no change in the interest rates of post office schemes for the last several quarters. If one invests Rs 2000 every month in PPF and the interest rates increase, then his maturity amount will increase.
Account can be closed prematurely
First, if for any reason there is a need for money before 15 years, then you can withdraw money from the PPF account even before the maturity period. You can withdraw full amount from PPF account on medical ground. This is because if the account holder, spouse or any dependent falls in the grip of serious illness, then withdrawal of money is allowed. You can also close the PPF account prematurely if the money is needed for the higher education of the children. On the death of the account holder, the nominee can withdraw the money.