PPF: Along with strong returns, you will also get tax saving, know the double benefit of investing in PPF account.
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Saving money is a difficult task for employed people today. But, if you are looking for such an investment option through which you can get better returns on your hard-earned money as well as tax saving, then this news is useful for you. Today we will tell you about a government scheme which will prove to be good and beneficial for you.
The first month of the year 2024 is almost ending. In such a situation, you have only two months left to invest for tax exemption in the financial year 2023-24. If you plan smartly to save your income tax, you can get returns worth lakhs. Public Provident Fund is one such option.
Along with better and guaranteed returns on investment in Public Provident Fund, one also gets the benefit of tax exemption. Any employed person can invest in this savings scheme. The investor has to invest in PPF for at least 15 years. This is a long term investment.
You can invest Rs 500 to Rs 1.50 lakh in a year in PPF. At present, the Central Government gives a return of 7.1 percent on the amount deposited in the account. Under Section 80C of Income Tax, annual tax exemption of Rs 1.50 lakh is available.
Apart from getting tax exemption from the amount deposited in PPF, you can get a fund of Rs 40.68 lakh on maturity. Understand its mathematics like this, if you invest Rs 1.50 lakh for 15 years, you will get Rs 40.68 lakh on maturity. In this, you will get Rs 22.50 lakh as your invested money and Rs 18.18 lakh as interest.
State Bank of India, the country’s largest government bank, is giving a great opportunity to its customers to open a Public Provident Fund Account (PPF Account). The bank has said that any customer can easily open a PPF account through online banking. To open an account, some easy steps have to be followed.
These documents are required to open a PPF account. This includes application form, passport or Aadhar card, a passport size photograph, address proof, citizenship proof, PAN card, etc.
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