SIP is considered a scheme that makes you a millionaire because its return is considered very good in the long term. But this scheme is market-linked, so nothing can be said about how much return you will get in it. Its return is calculated on an estimated basis. However, there is a scheme that has the power to make you a millionaire and your money is also completely safe in it because there is a government guarantee on your investment in it. If you want, you can add more than 2 crore funds from this scheme. Know which scheme is this and how this magic will happen.

We are talking about Public Provident Fund (PPF). This government scheme is very good for those investors who like to invest without any risk. A lot of money can be added to this in the long term. This scheme can add a retirement fund of more than ₹ 2,00,00,000 for you, but for this you will have to start investing at least from the age of 25 years.

To make more than 2 crores through PPF scheme, you will have to extend this scheme in blocks of 5 years each. That too 4 times. This means that this scheme matures in 15 years, but you will have to run this scheme for 35 years. Also, you will have to invest Rs 1.5 lakh annually in the scheme. Currently, this scheme is getting 7.1% interest.

If you start investing in this scheme at the age of 25 and continue investing Rs 1.5 lakh annually for 35 years, then you will invest a total of Rs 52,50,000 in 35 years. At the rate of 7.1%, you will get Rs 1,74,47,857 as interest. In this way, in 35 years, you will get a total of Rs 2,26,97,857 as maturity amount.

For the extension of PPF, you will have to submit an application to the bank or post office where you have an account. You will have to submit 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.

Another advantage of PPF is that it saves tax in three ways because this scheme is kept in the EEE category. The money deposited in PPF, the interest received and the amount received on maturity are completely tax free.

If you start investing in this scheme at the age of 25, you can make yourself a millionaire at the age of 60 and secure your old age.