If you do not want to take any kind of risk in terms of investment and want to deposit a big amount, then PPF i.e., Public Provident Fund, can be very helpful for you. This is a government scheme that matures in 15 years. If you want, you can also get it extended in blocks of 5-5 years. Up to 1.5 lakh rupees can be invested annually in this scheme. If you want to see yourself becoming a millionaire in a short time, then this dream can also be fulfilled with PPF. If you take the help of your wife in this matter, then you can add 1.33 crore rupees in just 20 years. Know how this will work.

According to the rules of PPF, a person can open only one PPF account in his name. There is no option to open a joint account in PPF. But if both the husband and wife earn, then both can open separate accounts in their names and become a millionaire in just 20 years.

To become a millionaire in 20 years, both the husband and wife will have to deposit Rs 1.5 lakh every year in their respective PPF accounts. You can deposit it as a lump sum or you can also deposit Rs 1.5 lakh in a year by depositing Rs 12,500 every month. The scheme matures in 15 years, but you will have to extend this scheme once for 5 years and continue the contribution of Rs 1.5 lakh for 20 years.

If both husband and wife deposit Rs 1.5 lakh annually in their PPF accounts and continue this account for 20 years, then both will deposit Rs 30 lakh each in their accounts. 7.1% interest is being given on PPF. Both husband and wife will get Rs 36,58,288 as interest in their respective accounts. In this way, both will get a total of Rs 66,58,288 in 20 years. 66,58,288 + 66,58,288 = Rs 1,33,16,576. In this way, both husband and wife will become millionaires in 20 years.

PPF investment has been kept in E-E-E category. Meaning, your investment, interest and maturity amount, all three are completely tax free.

To become a crorepati, you will have to extend the contribution. If you want to continue the PPF account with contribution, then you will have to give an application to the bank or post office where the account is. You will have to give this application before the completion of 1 year from the date of maturity and a form will have to be filled for extension. The form will be submitted in the same post office / bank branch where the PPF account has been opened. If you are unable to submit this form on time, then you will not be able to contribute to the account.