Post Office Plan: Excellent post office plan! You may buy yourself into millionaire status by paying 600 rupees!

 Post Office Scheme: The post office is currently working on a few initiatives that have the potential to bankrupt you in a matter of days. Sukanya Samriddhi Yojana (SSY), Kisan Vikas Patra (KVP), and Public Provident Fund, sometimes known as PPF, are examples of post office commodity programmes.

1. Sukanya Samriddhi Yojana (SSY): "Sukanya Samriddhi Account" (Sukanya Samriddhi Accounts) is designed to safeguard minors' lives and prevent any issues during their higher education. In the event that the minor turns 21 years old, the account will be automatically closed. The entire deposit will then be accessible plus interest. Interest is accrued under this plan at a rate of 7.6%.

How much capital may be preserved for the "Sukanya Samriddhi" project?

Before the age of ten years, Sukanya Samriddhi accounts may be opened in the name of a minor. Basically, a post office is where this account is opened. In this method, only one account may be opened in the name of a minor. A minimum of 250 taka and a maximum of 1.5 lakh taka per year may be deposited. When the minor reaches the age of 21, the account will be closed. The deposit is also returnable. Money can be withdrawn for a wedding or higher study after 18 years, though.

You can obtain a Kisan Vikas Patra (KVP) savings scheme certificate at a bank or post office. The deposit amount now doubles under this arrangement in 9 years and 7 months. In 2011, the programme was once again abandoned. But in November 2014, it was revived.

• 7.5% is the interest rate.
• Timeframe: 115 months
• Age requirement is 18 years.
• Investment Size $1,000 as a minimum
• There is no upper limit.
• No Taxes Apply The Income Tax Act of 1961's Section 80C allows for a tax exemption of up to Rs. 1.5 lakh.

PPF, or public provident fund, is the full name of this financial instrument. The central government oversees the PPF government programme. This programme has a four percent income tax and offers extremely good returns that are entirely tax-free, hence it can be argued that:

PPF has no risk at all.

In the case of PPF, numerous tax exemptions are possible.

A long-term investment, PPF is.

PPF can be the ideal solution for you if you're thinking about making millions of dollars. By making a very little investment in a PPF plan, you may become a millionaire. Before making an investment, thoroughly research it.

The Post Office PPF programme pays interest at a rate of 7.1 percent. Calculations show that if you continue generating income on your investments in this manner, you could become a billionaire in 30 years. You must set aside Rs 8,000 per month, or Rs 666 each day, for this. Following that, the 30-year investment will earn 7.1 percent interest.

If you contribute Rs. 8,000 each month to your PPF account, your investment will total Rs. 28.80 lakh after 30 years, and your return at 7.1% will be Rs. 70.08 lakh. In other words, you would be ready with a fund of Rs. 98.88 lakh after 30 years.

Remember that the current interest rate of 7.1 percent could decrease or increase in the future. If this rate rises, it won't be thirty years before you have a million dollars. If this interest rate decreases, it will take longer to reach millionaire status.

PPF Benefits: Because PPF is a government programme, it provides various benefits. Benefits of PPF include:

A safe investment is PPF.

You will receive your return on schedule because PPF is set by the government.

The PPF has excellent tax advantages.

Long-term investments, like as PPFs, are wise in this situation because we all know they are necessary to accumulate wealth.

PPF is legally protected in a unique way. Therefore, even if you have a loan or other debt, neither a bank nor a court can take your money.

What credentials are required for PPF?

You must meet the following requirements to apply for PPF:

• You must be an Indian citizen because this is a government of India programme.
• You can open a PPF for a minor kid, or a person who is mentally handicapped and younger than 18 years old. Even if you are allowed to register a PPF account for a minor child, or a youngster under the age of 18, the maximum amount is only 1.5 lakh rupees. If you already have 1.5 lakh rupees in a PPF account and want to add another 1.5 lakh to a PPF account in the name of your child or children, your total amount will not exceed 1.5 lakh rupees.
• If you register a PPF account in your child's name who is under the age of 18, he or she will be able to handle the account themselves after they turn 18. Let's say you've held the PPF account in your son or daughter's name for ten years, but they can keep it open for the final five years once they reach adulthood.
• PPF allows you to open individual accounts, but not linked accounts.
• Even if you are already receiving money from the EPS system, you are still able to register a PPF account.
• However, because PPF accounts can only be formed individually, those who have joined PAN cards in the joined family are unable to open PPF accounts.

Is it possible for NRIs to open PPF accounts?

• You are unable to open a new PPF account if you become a foreign citizen.
• If you are a foreign traveller while your PPF account is open, then you may be eligible for two conditions: first, you may pre-maturity close, and second, you may run the PPF account without any extension. In other words, PPF accounts are valid for 15 years; you may operate one for longer than that.