Monday , May 20 2024

Invest with Rs 500: These 3 schemes will make your children millionaires, you will have to invest only Rs 500 every month

Best plans for kids: To teach savings to kids, we keep a piggy bank at home and deposit their money in it, so that they can collect money and learn that small amounts can be collected to build a big fund. We can also do this work and raise lakhs of rupees for children with small amounts.

There are many such schemes in which investment can be started with just Rs 500. If you deposit even Rs 500 per month in these schemes, then Rs 6000 will be deposited in a year. You will get interest on the deposited amount and a good fund will be accumulated in a short time. With which you can fulfill the needs of children. If you want to add lakhs on a monthly deposit of Rs 500, know about some great schemes.

PPF i.e. Public Provident Fund is also a government scheme. It is necessary to deposit a minimum of Rs 500 per year in this scheme. But if you deposit Rs 500 per month in the name of children, you can earn a huge amount. In this scheme you get the benefit of 7.1 percent compound interest. This scheme matures in 15 years. If you deposit Rs 500 per month in this, then Rs 6000 will be deposited annually and in 15 years the deposited amount will become Rs 90,000. If you calculate according to the PPF calculator, you will get Rs 72,728 as interest in 15 years and on maturity you will get a total of Rs 1,62,728. If you invest in this scheme for 20 years, you will get Rs 2,66,332.

If you are the father of a daughter then you should start investing in Sukanya Samriddhi Yojana. In this scheme, you can invest a minimum of Rs 250 and a maximum of Rs 1.50 lakh annually. At present 8.20 percent interest is available on this scheme. Investment has to be made for 15 years and the scheme matures in 21 years. If you invest Rs 500 every month in this scheme, then the total investment in 15 years will be Rs 90 thousand. You should not invest between 15 to 21 years. But you will continue to get 8.2 percent interest on your money. In this you will get Rs 1,87,103 from this interest. On maturity you will get a total of Rs 2,77,103.

You can invest in mutual funds through SIP. Mutual funds give you the benefit of compound interest and an average return of 12 percent. Then in the long run, you can add a large amount through this scheme and meet the expenses of the child's higher education. The good thing is that you can invest in SIP as per your capacity, you can also increase your investment in it. If you invest Rs 500 per month and after 15 years at 12 percent interest, you can get Rs 2,52,288 on maturity. If you invest for 5 more years, you can get Rs 4,99,574 i.e. around Rs 5 lakh in 20 years at 12% interest.