Fund of Rs 24 lakh in investment of Rs 3,000, know how this government scheme will make you a millionaire?

Everyone wants to invest their money in a scheme that gives attractive returns. Also ensure the safety of their invested money. For this purpose, even today most people depend only on bank fixed deposits (FDs). However, apart from bank FDs, there are many other schemes available where people can invest their money safely. These options give investors an opportunity to earn good returns. Today, we are going to tell you about one such government scheme, in which you can create a fund of up to Rs 24 lakh by depositing small amounts every month.

We are talking about the Public Provident Fund (PPF) scheme of the Post Office, a platform where you can accumulate a big fund by investing a small amount every month. Although this scheme is operated by the Post Office, you also have the option to invest in it through your bank.

Public Provident Fund Scheme

PPF is one of the most popular savings schemes in India, in which any Indian citizen can invest. It is necessary to deposit some amount every year in the PPF scheme. You can start your investment with a minimum amount of just Rs 500, while the maximum limit to invest every year has been fixed at Rs 1.50 lakh.

The maturity period of the PPF scheme is 15 years, after which you can withdraw your entire deposited amount, including the interest received. Additionally, after completion of the initial period of 15 years, you also have the option to extend the PPF account for two more blocks of 5 years each. Under this scheme, you will get returns on your investment at an annual interest rate of 7.1%.

Returns on monthly investment of ₹ 3,000 in PPF scheme

If you set aside Rs 3,000 every month to invest in the PPF scheme, you will save a total of Rs 36,000 every year. If you keep investing this Rs 36,000 continuously in the PPF scheme, then in the period of 15 years your total investment will become Rs 5.40 lakh. On completion of maturity, you will get a total amount of Rs 9.76 lakh. In this situation, you will get a direct profit of Rs 4.36 lakh.

If you extend this investment for another 10 years, your total investment period will be 25 years. Your total invested amount will be Rs 9 lakh. As a result after 25 years, you will get a total amount of Rs 24.73 lakh. In this case you will get a direct profit of Rs 15.73 lakh.