Nowadays inflation has increased so much that everyone wants to earn some extra money so that their hobbies can be fulfilled and the house can run comfortably. But earning money is not that easy these days, isn’t it? The government runs many savings schemes for people like us, in which we can save a good amount of money by investing a little bit. And one such scheme is the government’s Public Provident Fund (PPF), which has been started in SBI Bank.
SBI PPF Calculator: If you also want to save something for your future, then you can start investing in SBI’s PPF scheme right now. This scheme can give you a return of lakhs in just a few years. The best thing is that this is a government scheme, so there is absolutely no risk in it!
SBI PPF Scheme: What is it and how to invest?
To invest in SBI PPF scheme, first of all you have to open a PPF account in SBI Bank. To open an account, you must be above 18 years of age. In this scheme, you can pay the premium as per your wish. You can invest every month, every three months, every six months or once a year, as you deem fit.
About SBI PPF Scheme:
Before investing in any scheme, it is important to know about it well, so that there is no tension later. So understand, Public Provident Fund (PPF) is a government savings scheme. It has been started by the government itself and you can open an account for it in SBI Bank.
In SBI PPF scheme, you have to invest for 15 years. But if you want, you can extend it twice more for 5 years each after maturity. Meaning you can also invest for up to 25 years. The longer the investment, the more interest and return!
7.1% interest is being given on SBI PPF
Right now, you are getting 7.1% interest annually in SBI PPF scheme. This interest is decided by the government and it gets added to your deposited money every year. You can start a PPF account in SBI with just Rs 500, and can deposit up to Rs 1.50 lakh in a year.
Safe and guaranteed returns:
SBI PPF scheme is a government scheme, so your money is absolutely safe in it. This is a government guaranteed scheme, so there is no need to worry. And if you invest up to Rs 1.50 lakh every year, then you also get tax exemption under section 80C of Income Tax!
How much will you get on investing Rs 70,000 annually? SBI PPF Calculator
If you want to get a return of lakhs by investing in SBI PPF scheme, then this scheme can be very beneficial for you.
Suppose, you opened a PPF account and invested Rs 70,000 every year for 15 years. So your total investment in 15 years will be Rs 10,50,000. And at the rate of interest of 7.1%, in 15 years you will get only interest of Rs 8,48,498! That means on maturity you will get a total return of Rs 18,98,498. You see, how big a profit can be made even by investing a small amount!
