7.1% interest is given in quarterly savings scheme
The government has not changed the interest rate on PPF till September 2022. In the quarterly savings scheme, 7.1 percent interest is given to the subscribers of PPF. Along with the best interest rate in PPF, you do not have to pay any tax on the return.
NRIs cannot invest in this
Only Indian citizens can invest in long term savings schemes. Indian citizens living in other countries cannot invest in it. That is, Resident Indians (NRIs) cannot invest in Provident Fund. You can deposit a maximum of Rs 1.5 lakh in PPF, there is also a special facility in investing money in PPF. You can deposit money in installment every month. The government is currently giving 7.1 percent interest in PPF. PPF is for 15 years but you can extend it for 5 more years if you want.
how to become a millionaire
If you want to become a crore husband by the time you retire, then you have to deposit 12500 every month for 25 years. Annually this money will become Rs 1.50 lakh and in 25 years this amount will be in crores. In this 25 years, the principal amount of investment will be Rs 3750000 and interest at the rate of 7.1 percent will be Rs 65,58015.