Post Office Scheme: Middle class housewives have very limited options to save money. As they have no source of income of their own, there is no direct source of savings. But there are some ways by which even a homemaker can accumulate a large amount of money for the future.
If they pay only Rs. 2000 start investing, they can have a huge fund ready for the future. A question that arises in the minds of most women and small investors is that even if they invest Rs 2,000 per month, how long will it take to make Rs 10 lakh and then Rs 50 lakh. So here’s a simple way to know…
What is the best option
However, there are many investment options available in the market. But you have the option of depositing the money in installments. So your options are also limited. Now you can open a recurring account in the post office and deposit 2000 rupees per month, but the interest you get on it is very low.
Usually the interest is not more than 7 percent on recurring basis. Moreover you cannot open an account for more than 10 years. Another option is to invest in mutual funds through SIP. Here you get around 12 percent annual return in long term. By investing money in this you can easily achieve your goal.
How long will it take to earn 10 lakhs?
If you invest Rs. per month in a mutual fund. 2000, then in just 15 years you will have Rs. 10.09 lakhs will be the fund. During this period your invested amount will be only Rs 3,60,000. Remaining Rs. 6.5 lakhs will get interest only. That means by saving Rs 2,000 for a month, you can easily build up to over Rs 10 lakh in 15 years.
How long to wait for 50 lakhs