Govt gives guarantee on PPF scheme…
If you invest in a public provident fund scheme, you are guaranteed by the government. This scheme is implemented entirely under the Govt. The interest is also decided by the government. Your money will be safe in this scheme. So you will also get guaranteed returns.
Who can invest in this scheme?
Everyone can invest in this PPF scheme. In this you can start investing from just Rs.500. You can open an account in this scheme by visiting your nearest post office or bank. You can invest upto 1.5 lakhs in this. You have to deposit at least Rs.500 every year to maintain this account. If you invest in this PPF scheme, you get loan and tax relief on the deposited amount.
How will you become a millionaire?
If you want to become a millionaire by investing in Public Provident Fund scheme, you have to invest Rs 1.5 lakh per annum i.e. at least Rs 12,5000 per month. That way, when you keep investing in it for 25 years, compound interest adds up to a huge amount.