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How to earn ₹1 crore through investment in a PPF account?



A Public Provident Fund (PPF) is a scheme for building corpus for post-retirement life by depositing a sum of money over a long period of time. According to the rules, an investor can open this PPF account in any bank or a nearby post office by depositing 100. It is necessary to deposit a minimum of 500 in the account every year.

A PPF account falls under exempt-exempt-exempt category which allows taxpayers to claim income tax benefit under Section 80C on the annual deposit of 1.5 lakh. According to norms, there is a 15-year lock-in period in which a depositor can put in 1.5 lakh in a single deposit or in a maximum of 12 instalments.

An interest rate of 7.1 per cent is payable on quarterly basis on a PPF account. In case a person invests money every year with discipline, he/she can end up saving 1 crore at the time of maturity.

A man counts Indian currency notes inside a shop in Mumbai. The Indian rupee on Thursday had closed at 71.03 against the US dollar.(REUTERS)

Although, the PPF account has a maturity period of 15 years, but one can extend the account in block of five years for infinite number of times, Jitendra Solanki, SEBI registered tax and investment expert, told Hindustan Times’ sister website Livemint. It means that an investor can continue the PPF option without withdrawing the money. While extending the PPF account for the next five years, the depositor also has an option to pick extension with investment or without one.

However, some experts do suggest picking the extension with investment option for the PPF account. According to Kartik Jhaveri, director (wealth) at Transcend Consultants, choosing extension with investment helps to get interest on both the PPF maturity amount and the fresh investment.

In case an earning individual opens PPF account at the age of 30 and after the mandatory 15-year locking period, extends the investment on three occasions (15 years), he/she would have invested for a total period of 30 years. Let’s say the amount invested per year is 1.5 lakh in a PPF account. After 30 years, the maturity amount will end up to be 1.54 crore on condition that the interest rate remains at 7.10 per cent per annum.

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Govt extends Aadhaar-Ration card linking deadline to June 30



The Centre has extended the deadline for linking Aadhaar to ration card from March 31, 2023 to June 30, 2023, according to a notification issued by the Department of Food and Public Distribution on Thursday.

By linking the Aadhaar card to the ration card, the government will be able to prevent individuals from obtaining multiple ration cards. (Mint)

Also Read | Deadline to link voter ID with Aadhaar card extended. Details here

Ration cards are distributed to all households in order for them to obtain subsidised food grains and fuel. Apart from documents such as a passport and a PAN card, the ration card also serves as proof of identity and address. However, there have been cases where an individual receives more than their fair share of rations or where individuals who are not eligible for rations receive them, depriving deserving people.

Also Read | From Aadhaar-PAN linking to mutual fund nomination, five things you must do before March 31

By linking the Aadhaar card to the ration card, the government will be able to prevent individuals from obtaining multiple ration cards. It is also possible to detain people who are ineligible for getting rations because their income exceeds the threshold. This will also ensure that only those who are deserving receive subsidised fuel or food grains.

The linking also helps to eliminate duplicate ration cards and dishonest middlemen, allowing genuine and deserving beneficiaries to receive government-sponsored benefits.

Also Read | Aadhaar card holders can update documents online for free till June 14

Steps to link Aadhaar-Ration online

– Go to the official website of state’s Public Distribution System (PDS) portal.

– Enter details like Aadhaar card number, ration card number, and registered mobile phone number.

– Hit ‘Continue’ button.

– A One Time Password (OTP) will be sent to the registered mobile number.

– Enter the OTP and click on the link ration card Aadhaar card.

Steps to link Aadhaar-Ration offline

– Make photocopies of all family members’ Aadhaar cards, as well as a copy of your ration card.

– If your Aadhaar is not linked to bank account, take a photocopy of your bank passbook also.

– Also, take a passport-sized photograph of the family’s head and submit it at ration office or Public Distribution System (PDS) or ration shop.

– You may be asked to provide a fingerprint ID on their sensors in order for that information to be validated against the Aadhaar database.

– You will be notified by SMS or email once the documents have been delivered to the appropriate department.

– The authorities will process your documents, and will notify once the ration card has been successfully linked to the Aadhaar cards.

Documents Required

-Original ration card photocopy

– Photocopies of all your family members’ Aadhaar cards

– A photocopy of the family head’s Aadhaar card

– A copy of a bank passbook

– Two passport-sized photos of the family’s head.

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FM Sitharaman reviews public sector banks’ performance amid global crisis



Finance Minister Nirmala Sitharaman on Saturday reviewed the performance of public sector banks (PSBs) on various financial health parameters and their resilience in the wake of the current global financial scenario emanating from the failure of some international banks in the US and Europe.

Union Finance Minister Nirmala Sitharaman chairs a meeting to review the performance of Public Sector Banks on various financial, efficiency, and health parameters, in New Delhi on Saturday. (ANI Photo)(NSitharaman Office Twitter)

She urged the banks to remain vigilant about the interest rate risks and regularly undertake stress tests.

During the two hours meeting with MDs and CEOs of PSBs, an open discussion was held on the global scenario amid the failure of the Silicon Valley Bank (SVB) and Signature Bank (SB), along with the issues leading to the crisis in Credit Suisse.

The meeting was also attended by Minister of State for Finance Bhagwat Karad, Financial Services Secretary Vivek Joshi and other senior officials, an official statement said.

She also discussed the developing and immediate external global financial stress from both short and long-term perspectives.

During the PSB review meeting, she emphasised that the banks should undertake due diligence and adhere to the regulatory framework by focusing on risk management and diversification of deposits and assets base.

ALSO READ: Massive job cuts in India due to Silicon Valley Bank collapse? Experts say…

The finance minister underlined that PSBs must look at business models closely to identify stress points, including concentration risks and adverse exposures, the statement said, adding that she also exhorted PSBs to use this opportunity to frame detailed crisis management and communication strategies.

The chiefs of PSBs apprised Sitharaman that they follow the best corporate governance practices, adhere to regulatory norms, ensure prudent liquidity management and continue to focus on having robust asset-liability and risk management.

Further, she was also informed by the PSBs that they are vigilant of developments in the global banking sector and are taking all possible steps to safeguard themselves from any potential financial shock.

All the major financial parameters indicate stable and resilient PSBs with robust financial health, it added.

The minister also stressed that PSBs must leverage the full potential of branches opened in International Financial Services Centres in GIFT City Gujarat to identify international opportunities, including prospects related to Persons of Indian Origin (PIOs).

She asked banks to take focused measures to attract deposits, given the steps taken by the government to reduce the tax arbitrage in some debt instruments and pivot their strengthened financial position to support the credit needs of the growing economy.

The minister asked banks to focus on credit outreach in states where the credit offtake is lower than the national average, particularly in the northeast and eastern parts of the country, and enhance business presence in new and emerging areas like One District One Product (ODOP), e-NAM and drones.

She said PSBs should promote the Mahila Samman Bachat Patra, announced in the Budget, through special drives and campaigns and also focus on increasing brick-and-mortar banking presence in border and coastal areas.

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Inside a $218 million private island in Palm Beach, Florida



A private island in Palm Beach could become the most-expensive home ever sold in Florida, if it gets its asking price of $218 million.

Developer Todd Michael Glaser and his partners bought 10 Tarpon Isle — the only private island in Palm Beach — for $85 million in 2021. They built a brand new house, turned the existing structure into a guest house, and added a giant pool, tennis courts and other amenities and have now relisted the property.

“I paid $85 million without a hesitation because there’s only one of them,” Glaser said. “You watch art, they sell. There’s a Mercedes 300 SLR that just sold for $142 million. … That’s what this is … it’s a one of one.”

Tarpon Isle, a private island in Palm Beach, Florida, is on sale for $218 million.


When Glaser bought Tarpon Isle, it held a modest 1940s house and plenty of potential.

“I came over the bridge, I saw the two trees and I said, ‘Guys, let’s knock down the garage and the guest house and the maid’s quarters and let’s build a brand new house,'” Glaser said.

The new main house is over 9,000 square feet. With the guest house, tennis pavilion and other structures, the property now has over 21,000 feet of living space. There are 11 bedrooms, 15 full bathrooms and seven half-baths.

Tarpon Isle, a private island in Palm Beach, Florida, is on sale for $218 million.


Unlike many Palm Beach mansions, which are Mediterranean-styled giants festooned with gold carvings and mahogany, Tarpon Isle is a study in modern simplicity, where the star of the home is sweeping water views on all four sides.

The master bedroom suite is a large complex of closets, bathrooms and sitting areas. The larger of two bathrooms is a temple of white Italian marble, covering the floors, countertops, ceiling and oversized shower. A large soaking tub perched in front of the windows overlooks the Intracoastal Waterway.

A waterfront bathroom inside the main home on Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million.


“It’s the best bathroom I ever did,” Glaser said. “My wife picked it, and she did an incredible job. I’ve never seen anything like this bathroom.”

Outside, there’s a new 98-foot pool overlooking the views of the water to the south. A large dock can fit multiple boats or a mega-yacht. The guest house features resort-like amenities, including a spa, massage room, salon and entertainment area.

“That’s the way we designed it,” Glaser said. “When people come to Palm Beach they bring their families, they’re on vacation.”

A dock servicing Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million.


Glaser said the human-made island, which was built in the 1940s, has a high sea wall. Because it’s well protected in the Intracoastal and well elevated, it has easily weathered big storms and tidal surges, he said.

Granted, $218 million is an ambitious price, even for Palm Beach. The record sale in the enclave was Oracle founder Larry Ellison’s $173 million purchase of billionaire Jim Clark’s oceanfront estate last year.

A living space inside the main home on Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million.


Palm Beach is the most expensive real estate market in the country, with an average sale price of nearly $13 million, according to Douglas Elliman and Miller Samuel. Many homes saw their prices more than triple during the pandemic as ultra-wealthy buyers from the Northeast fled to Florida, and the coveted properties in Palm Beach in particular.

Christopher Leavitt of Douglas Elliman, who is listing the property alongside Christian Angle Real Estate, said interest in the property has been strong, especially from hedge fund managers and finance chiefs looking to relocate south.

“The buyer of this home is someone who wants the one and only private island on the island of Palm Beach, surrounded 360 degrees by water, accessible by your boat or a private bridge,” Leavitt said. “It’s somebody who wants that one property that no one else has, that one trophy property.” 

Glaser declined to say what profit he would make if the home sells for its asking price. He added that he and his investors spent “a fortune” on the new home and improvements. But he said the buyer will be making a long-term investment.

“Whoever buys this house, in five years they’re going to be very happy with the purchase,” he said. “It’s a legacy property that they’ll own for the rest of their lives.”

Tarpon Isle, a private island in Palm Beach, Florida, is on sale for $218 million.


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