You will become a millionaire by investing just Rs 500, this scheme has huge benefits

New Delhi. All parents want that their children never remain without money. Even if you belong to the middle class, you can make your child a millionaire in a few years with a little savings.

Yes, the Government of India provides the possibility of implementing such schemes whose benefits can be availed by all groups of people.

If you save just Rs 500 every month and invest that amount in your child’s bright future, you can make your child a millionaire in a few years.

Actually, here we are talking about PPF. Hour. Public Provident Fund, a popular long-term investment program of the Government of India.

how many years will it take
It takes many years for small children to grow up. In such a situation, you have time till you grow up to collect this amount.

It will take 15 years to reach Rs 1 lakh crore under this scheme. This program can be used by people of all ages. There is no minimum age to open an account in the program.

See calculation here
While opening a PPF account for a child, Rs 6,000 can be deposited per month with a monthly investment of Rs 500. According to this, after 15 years this money will become Rs 90,000. This means you will invest Rs 90,000.

Rs 500 x 12 months = Rs 6000
Rs 6000 x 15 years = Rs 90,000
The interest rate on PPF is 7.1 percent. If you check the PPF calculator, you will get an interest of Rs 72,728 on this amount after 15 years. After 15 years, you will get a total of Rs 1,62,728 from your investment.