Investment Strategy: If you haven’t yet determined where to allocate your funds, there’s an opportunity at hand! Here, we’re sharing information that will set you on the path to financial growth. You don’t need a substantial amount to initiate your journey towards prosperity. A mere investment of Rs. 500 can yield you substantial returns! By consistently investing Rs. 500 monthly in a mutual fund for a span of 15 years, you can expect to accumulate substantial wealth. Let’s delve into where you can consider putting Rs. 500 each month.
Mutual Funds
Mutual funds offer inclusivity to all individuals. With a monthly investment of Rs. 500 over a 15-year period, you can potentially earn a return of 10% and amass Rs. 2 lakh. Your investment choices can be tailored to your individual requirements. For instance, an investment of Rs. 90,000 can result in a return of Rs. 1.10 lakh. The acquisition of mutual funds can conveniently be conducted online.
Sukanya Samriddhi Yojana (SSY)
Another attractive small savings scheme is the Sukanya Samriddhi Yojana, where you can open an account with just Rs. 250. This scheme permits tax benefits for annual investments up to Rs. 1.5 lakh. Furthermore, it’s possible to open an account in your daughter’s name for a duration of up to 10 years. Investments can be extended until she reaches the age of 18.
National Savings Certificate (NSC)
The NSC scheme, facilitated by India Post, presents a popular savings avenue. Certificates valued at Rs. 100, 500, 1000, or 5000 can be purchased. The investment period spans 5 years, with the current interest rate standing at 6.8%. It’s important to note that tax benefits can also be availed through Section 80C.
Public Provident Fund (PPF)
One of the most renowned small savings schemes is the PPF, which comes with a lock-in period of 15 years. Through annual investments of up to Rs. 1.5 lakh, individuals can enjoy tax benefits. The interest accrued is exempt from taxation. Additionally, opening a PPF account in the names of your children is a viable option. At present, the scheme offers an interest rate of 7.1%.”
Please keep in mind that the specifics and rates mentioned above are subject to change, and it’s advisable to verify the current information before making any investment decisions.
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