Provident Fund (EPF) is God's gift to investors. If you are diligent, it can make you a crorepati. A person with a basic salary of `25,000 a month at the age of 25 can accumulate `1.65 crore in the EPF over a period of 35 years. This assumes that his income will rise by 10% every year and the EPF will earn 8.7% returns. Yet, many people are unable to reach the `1 crore milestone in their EPF accounts. Every time they change jobs, they withdraw their EPF balance. Withdrawing your EPF is financial hara kiri. The money goes into unnecessary expenses and the retirement corpus is back to zero. It's a decision you will regret when you are a few years away from retirement.
The silver lining is that a new rule, which comes into effect from 1 May, will make premature withdrawals difficult. Subscribers will not be able to withdraw the employer's contribution till they turn 58.
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Invest Rs 1,50,000 and Save Tax under Section 80C. Get Great Returns by Investing in Best Performing ELSS Mutual Funds
Top 10 Tax Saving Mutual Funds to invest in India for 2016
Best 10 ELSS Mutual Funds in india for 2016
1. BNP Paribas Long Term Equity Fund
2. Axis Tax Saver Fund
3. Franklin India TaxShield
4. ICICI Prudential Long Term Equity Fund
5. IDFC Tax Advantage (ELSS) Fund
6. Birla Sun Life Tax Relief 96
7. DSP BlackRock Tax Saver Fund
8. Reliance Tax Saver (ELSS) Fund
9. Religare Tax Plan
10. Birla Sun Life Tax Plan
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