Along with the bank’s fickle deposit, a large community invests in small savings schemes of Post Office. The government operates all the schemes like PPF, Sukanya Samriddhi, Senior Citizen Savings Scheme through the post office, which is decided on a quarterly basis.
These are non -rescue plans, in which income is guaranteed. On the other hand, if you do patience and correct planning, then you will get a huge amount on retirement. Also, regular income can also be a jugaad.
Today we will tell about a different kind of investment in the post office scheme, in which you can save crores of rupees till retirement by saving very little money and will also juggle pension on a quarterly basis. However, for this, you have to invest in turn in two schemes under the small savings scheme. These two schemes- Public Provident Fund (PPF) and Senior Citizen Saving Scheme (SCSS).
First invest in Public Provident Fund (PPF)
PPF is a scheme in which a huge amount is deposited by staying up to the long term. The government gives an interest of 7.1% on it on an annual basis. Anyone can start investment in this. Its maturity period is 15 years, but if you want, you can increase it twice by 5-5 years. This is a tax free scheme, as it has a maximum limit of investment up to Rs 1.5 lakh annually and a discount of up to Rs 1.5 lakh is given under Section 80C of Income Tax.
Saving of ₹ 416 every day
Now the question arises that how much should be invested in it. If you are not able to invest Rs 1.5 lakh in PPF on an annual basis, then you should invest 12,500 rupees, if you are not able to deposit the amount on the basis of month, then you can deposit Rs 1.5 lakh per annum in PPF by saving Rs 416 every day. This will be completely tax free.
- If you do this work for 15 years, then there will be a deposit of about ₹ 41.35 lakh on the basis of 7.1 percent interest on maturity, with the total investment of ₹ 22.50 lakh and the interest will be ₹ 18.85 lakhs.
- After 20 years, this amount will be around ₹ 67.69 lakh, in which the total investment will get ₹ 30 lakh and the interest will get about ₹ 37.69 lakhs.
- After 25 years, this total amount will be ₹ 1.03 crore, in which the total investment will be ₹ 37.50 lakh and the income will be ₹ 65.50 lakh.
Now start investing in SCSS
Senior Citizen Saving Scheme is a scheme in which people aged 60 years or older can invest. But if an employee has retired at the age of 55, he can invest in it even at the age of 55. In this, a maximum investment can be made from a single account 15 lakh lump sum and Rs 30 lakh from the joint account. There is an interest of 8.2% under this scheme.
Suppose you invested in PPF in 35 years, after 25 years, when you are 60 years old, you will get ₹ 1.03 crore from PPF. Now out of this, only 30 lakh rupees can be invested under the joint account in SCSS, even after which you will save 73 lakh rupees.
On investing 30 lakh rupees in SCSS, on a quarterly basis you will get only 61500 rupees from interest and it will continue to get it for 5 years. After five years, you can also withdraw 30 lakh original amount or increase it for 3 years.
- annual interest: 8.2% of ₹ 30,00,000 = ₹ 2,46,000
- Quarterly interest: ₹ 2,46,000 / 4 = ₹ 61,500
Significantly, after investing once, this interest rate remains applicable for your maturity period, even if the government changes the rates later.
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