SAVE YOUR FORTUNE

SAVE ! SAVE ! SAVE !


In Modern world it is very important to save your hard earned money for your better future. Our generation has the habit of spending most of our hard earned salary on our necessities and luxuries. Due to this people forget to save some part of their money for a secure future.
I would like to give some schemes and places where you could invest your fortune to save it as well as gradually increase it.

Postal savings schemes
Life Insurance (LIC)
Public Provident fund (PPF)
Stock Market
Mutual Funds

Postal savings schemes :-

Postal saving schemes are run by the government of India. These are most secure means of saving your money.
These schemes give you an annual interest of 8% of the invested amount in various schemes.

Different schemes are:
National savings certificates (NSC)
Kisan vikas patra (KVP)
Monthly Income scheme (MIS)
Recurring deposits (RD)


National Savings certificate:-

NSC is a scheme where you can invest certain amount for a fixed period of 6 years.
You get an interest of 8 % per annum for 6 years and the total interest plus original amount is returned back at the end of 6 years.
This investment made in NSC is tax free for a limit of Rs.1 Lakh

If you invest an amount of Rs.10,000/- you get an amount of Rs.16,010/- at the end of 6 years.



Kisan Vikas Patra:-

KVP is a scheme where you get double your invested amount after a certain period of time.

This period is calculated according to the interest, i.e. 8%.
The period is 8 years and 7 months.
If you invest an amount of 10000 then you will get back 20000 at the end of 8 years and 7 months.



Monthly Income Scheme:-

MIS is a scheme in which you have to invest a certain amount for a period of six years and you get the interest on a monthly basis.
At the end of the six years you will get back the original amount you had invested as well as the interest of 72 months.
If you invest Rs.1,50,000/- in MIS, You get an interest of 1000 per month for 72 months.
Hence the total amount you will get is Rs.2,22,000/- at the end of 6 years.
The advantage of this scheme is that you are allowed to take your interest at the end of every month.


Recurring Deposit:-

RD is a scheme in which you can invest certain amount every month for five years to get the total amount you have saved plus the interest on that amount.

Therefore if you save Rs.1000/- per month in RD then you will get Rs.72,890/- at the end of five years.