Children’s Day Special: There are many workshops, courses and programs for kids to learn about money, finance and business. This is because they are usually not included in the regular school curriculum. There are many ways in which you can plan for your children’s future. One of these is the way in which if you invest in Relugar, then your child will become a millionaire before his marriage. Yes, this account is PPF.
What is PPF
Public Provident Fund or PPF is a small savings scheme of the post office. It also gives you tax benefits under section 80C. It is considered best if you want to save for a long period. Investment in this, interest earned on it and maturity amount are all tax free. PPF is one of the safest investment options that will fetch you 7.1 per cent returns currently.
no minimum age
There is no minimum age prescribed for opening PPF account. But the PPF account of a minor can be managed on his/her behalf only by his/her parent or guardian till the account holder attains the age of 18 years. PPF account cannot be opened jointly. When the minor turns 18, he/she can operate the account independently.
investment amount limit
In a financial year, the minimum contribution in a PPF account is Rs 500 and the highest investment amount is Rs 1.5 lakh. The account can be started with Rs.500. After this you can comfortably deposit any amount in multiples of Rs.50. Keep in mind that the account in which the minimum required amount is not deposited every year, then it will be considered closed. A customer of the closed account will not be eligible to open a new account unless the closed account is closed even after maturity.
How to open PPF account for minor
First go to the bank and fill Form 1
Present a valid proof of address such as passport, voter ID, ration card etc.
A valid identity proof will also be required. These include voter ID card, passport, Aadhaar, driving license etc.
Birth certificate of minor child must be provided
– Provide passport size photo
Deposit a check of Rs 500 or more as initial deposit
Such a child will become a millionaire
How to make a child a millionaire with PPF, now know its method. According to the PPF calculator, first you have to invest for 30 years. That is, if you start immediately after the birth of the child, then you can easily deposit Rs 1 crore in 30 years. Then at the age of 30, he can marry her. The second question is how much do you have to invest annually. Annually you have to invest Rs. 99000. You can make these investments on monthly, quarterly, half yearly basis also. But the total investment in the year should be Rs 99000. You will have Rs 1.01 crore in your hands after 30 years at the current rate of 7.1 per cent. The investment will be Rs 29.70 lakh and the return amount will be Rs 72.27 lakh. If the interest rate increases in the future, then the child can become a millionaire before the age of 30.
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Children Day Special Open this account for children will become a millionaire before marriage
Investments, interest earned thereon and maturity amount are all tax free. PPF is one of the safest investment options on which you will get 7.1 percent returns at present.
Story first published: Monday, November 14, 2022, 18:24 [IST]