This government scheme can make you a millionaire too, know the complete calculation

Let us tell you that in today’s time every person wants to become a millionaire. Many experts suggest investors to invest in shares or mutual funds, let us know that investing in it is considered very risky and there is no guarantee of returns. Along with this, sometimes the money of the investors also gets drowned.
Explain that in such a situation, government savings schemes can be a good option for investors and can also become millionaires. In this, the risk is also considered to be negligible. One such government savings scheme is the Public Provident Fund (PPF), about which we are going to tell in this report.

Public Provident Fund (PPF)

Public Provident Fund ie PPF is a government savings scheme. You can open PPF account in your nearest post office or post office. In this, a maximum tax free investment of Rs 1.50 lakh can be made in a financial year. This scheme comes under the purview of section 80C of income tax.

Minimum investment and lock-in period in PPF

Explain that any person living in India can invest in PPF. In this, at least 500 rupees have to be deposited in a financial year. If such a person does not do so, then his account may become inactive. However, it has a lock-in period of 15 years and then you can extend it for a period of five years each.

formula to become a millionaire
Let us tell you that if you invest about Rs 410 daily in PPF, then after completion of 15 years, you will get Rs 40,68,2019 at the rate of interest of 7.1 per cent, but if you divide its duration five by five. Let’s increase it twice, in the meantime then your amount will increase to close to 1.03 crores. Also, during this time you can achieve the goal of becoming a millionaire only by making regular investments in PPF.