Rs 500 is a small amount. If you think about it, it will seem like a very small amount. If you invest it then tomorrow it can make you very prosperous. If you have any investment plan, then here are five options. Where your money will not only be safe but will also get better returns on it. This investment mantra is a special mantra to make you rich. With this, you can earn a lot of money in a very short time.
Anyone can invest in Mutual Funds. If you start investing Rs 500 monthly for 15 years, you can make up to Rs 2 lakh, which earns 10% compound interest. According to your needs, you can increase the amount of investment. Apart from this, on investment of Rs 90,000, you can make Rs 1.10 lakh. You also have the option of investing online.
public provident fund
Public Provident Fund (PPF) is a better option for long term investment. At present, interest on PPF is available at the rate of 7.1 percent. But its limit is only 1.5 lakh annually. The amount deposited in PPF can also be exempted under section 80C of Income Tax. The interest earned on this is completely tax free. There is no wealth tax to be paid on this.
Sukanya Samriddhi Yojana
This is a scheme of the government. The amount deposited in this scheme is completely safe. For this, you can open an account in the bank with Rs 250. In this scheme also, the customer gets exemption from income tax. For this you can open an account in the name of your daughter. Its interest is calculated on the basis of compound interest. It earns a little more interest. A minimum of Rs 1,000 and a maximum of Rs 1.5 lakh can be invested in this scheme every year.
national savings certificate
This is a very popular scheme of post office. You can buy it for Rs.100, Rs.500, Rs.1,000 or Rs.5,000. The investment tenure of this scheme is 5 years. At present, interest is available on it at the rate of 5.8 percent. Along with this, income tax exemption is also available under section 80C of the Income Tax Act.
post office savings account
You can also open a savings account in the post office to deposit money by saving. It earns interest at the rate of 4 percent. Apart from this, your money is also safe. If you get interest up to Rs 10,000 annually on the post office savings account, then that too is tax free.