In recent times many people are working tirelessly for their families. They are working day and night to provide for themselves and their children. It is a sad fact that no matter how much they earn, they are unable to keep up with their current expenses. In today's era, various savings schemes are coming up.
For that purpose SBI (PPF) Scheme was created by Govt.
Public Provident Fund: This is India's “savings and tax saving” scheme. "In 1968" the National Savings Scheme of the Ministry of Finance of India was created to mobilize small savings. Its main objective is to provide investment returns with decent returns through income tax benefits.
SBI (PPF) Scheme: You can invest minimum “500 to maximum 1,50,000” per year in this scheme. This plan pays “7.1%” on the annual amount you pay. Pays you interest. The scheme has a “duration of 15 years”. It can be extended by another “5 years” if you wish. If you join this scheme, the bank will also provide you loan facility because of your 15 years of investment.
Let's look at the benefits of investment:
If you have been paying Rs 50,000 per annum into the bank through SBI (PPF) scheme. 13,56,000 plus your investment and interest in 15 years. But out of which you paid only 7,50,000 in 15 years.
This amount will be given to you along with 7.1% interest paid by the bank for 15 years. In this you will get Rs 6,06,000 as interest only.
1,50,000 per annum if you pay maximum, you will get more than 40,50,000 in 15 years.
