Who will make you a millionaire in old age? Know where you will get the double benefit of maximum interest and tax exemption: – ..

News India Live, Digital Desk: Planning for retirement today has become not a luxury but a necessity. to invest in india PPF, EPF and NPS There are three most popular options. But often people remain confused as to which scheme is best for them? Do you want safe returns or strong earnings like the stock market?

Let us analyze these three schemes in detail so that you can take the right decision for your future.

PPF (Public Provident Fund): ‘Superhit’ combo of security and tax savings

If you don’t want to take the risk at all, ppf The safest option for you. This is a completely government guaranteed scheme.

Interest Rate: currently in 7.1% Annual interest is being received at the rate of Rs.

Tax Benefit: It comes under ‘EEE’ (Exempt-Exempt-Exempt) category. That means investment, interest and maturity… not even ₹ 1 tax will have to be paid on all three.

Lock-in period: Its duration is 15 years, which you can extend in blocks of 5-5 years.

EPF (Employees’ Provident Fund): ‘Fixed’ boon for employed people

for salaried employees EPF The best retirement tool. In this, 12% of your basic salary is deducted and your company also contributes the same amount.

Interest Rate: The government has announced its interest rate for the financial year 2023-24. 8.25% Has been fixed, which is much higher than PPF.

USP: There is tremendous benefit of compounding in this. This creates a huge fund at the time of retirement. However, interest earned on annual contributions of more than ₹2.5 lakh is now taxable.

NPS (National Pension System): Your money will grow with the market.

If you want inflation-beating returns by taking a little risk, then NPS Is the best.

Return: Since its money is invested in equity (stock market) and debt funds, in the long term it is 10% to 12% There is a possibility of getting returns up to Rs.

Extra Tax Exemption: In addition to ₹1.5 lakh of section 80C, an additional tax exemption of ₹50,000 (under 80CCD 1B) is available.

Pension facility: After the age of 60, you can withdraw 60% of the money, while from 40% you will continue to get pension throughout your life.