Small savings can also meet large financial goals over time, just it is necessary to choose the right investment plan and invest regularly. If you invest only 1000 rupees every month and invest in the right scheme, then you can raise millions of rupees in 15 years. Let’s know the specialty and benefits of India’s four major schemes.
Public Provident Fund (PPF) is a safe and tax -free option, with 7.1% annual interest. A fund of about 3.25 lakh rupees will be made on investment of 1000 rupees a month for 15 years. It also has a partial withdrawal facility after 5 years, so it is easy to withdraw money if needed.
If you want to do a systematic investment plan (SIP) in mutual funds, then this option is good. Here you can get returns at a rate of up to 12%. In 15 years this investment can reach about 4.75 lakh rupees. Money can be withdrawn at any time and monthly investment amount can also be increased.
Sukanya Samriddhi Yojana (SSY) is a great option especially for the future of daughters. It has 8.2% interest rate and about 5.54 lakh rupees can be made on 15 years investment. Apart from this, this scheme also provides tax savings.
The post office recurring deposit (RD) is for those who like security. It gets 6.7% interest. A total fund on 5 years of investment can reach around Rs 71,369 and Rs 1.70 lakh in 10 years.
Which of these schemes to choose from, it depends on your risk capacity and deadline. Regular investment is very important to prepare a larger fund than small savings. Take steps towards financial security by taking care about these options.