Do you also want to invest somewhere and get good money returns? Then today’s article is just for you. If you’re aiming to become a millionaire through a government initiative, the Public Provident Fund (PPF) is an excellent choice. The best part is that with a small monthly investment, you can reach millionaire status in just a few years. Let’s dive into the details of this scheme.
Government Scheme with a Monthly Investment of 12,500
To achieve millionaire status through this government scheme, consider depositing Rs 12,500 each month into your PPF account. Over a span of 15 years, your total investment will amount to Rs 40.68 lakh. This includes Rs 22.50 lakh as your principal and Rs 18.18 lakh as the interest earned at an annual rate of 7.1 percent.
Extending Your Investment Period from 15 to 25 Years
If your goal is to become a millionaire through this scheme, you’ll need to extend your account after 15 years and continue investing for an additional 10 years, in two 5-year increments. By doing so, your total investment will reach Rs 37.50 lakh, and the interest accrued will be Rs 65.58 lakh. Ultimately, after 25 years, you could have a fund exceeding Rs 1 crore.
This scheme is perfect for those who wish to secure a millionaire future for their child by the age of 25. Additionally, if you’ve just started your career and want to build a solid retirement fund, this scheme is a great option to consider.
