With our fast-paced lifestyle, it’s sensible to save money to secure our future. More so, it’s even wiser to invest those savings to help you either reach your financial goals or aid through an emergency. By investments we mean, monetary assets that you procure in order to avail profits in the coming years.
For middle class families, there are safe investments which have zero risks. These investments are good for people who want to invest less money for guarenteed returns on your investment. For example, you have Rs. 1,000 left in your bank account. You could invest Rs. 500 in smart schemes to get good returns.
Here’s a list of smart schemes that you can look at for protecting your furture:
Pradhan Mantri Suraksha Bima Yojna: @Rs 12 per annum
This scheme is a government backed scheme for accidental insurance which is open for all the Indian citizens between the age group of 18-70 years. The annual premium is just Rs. 12 exclusive of taxes. In case of an accident, the nominee will get Rs. 2 lakh or Rs. 1 lakh in case of partial permanent disability. The scheme will have one-year cover and all bank account holders can avail this scheme through their net banking services.
Public Provident Fund: @Rs 100
The Public Provident Fund or PPF is a popular government scheme which is also referred to as the best investment-cum-tax saving option to create small savings for the future. A PPF account can be opened with a maximum investment of Rs. 100 and maintained with annual investments between Rs. 500 and Rs. 1.5 lakh. Presently, the annual returns from PPF account are at 7.8 percent which is relatively higher than most of these term deposits. An investment up to Rs. 1.5 lakh can be claimed for the tax deductions. The PPF is also considered a long-term investment option with a tenure of 15 years and premature withdrawals can be made from the seventh year on.
Equity Mutual Fund SIP: @Rs 500
SIP is one of the best financial moves or investments that one can make to secure their future monetarily. With the help of SIP, one can make investments in mutual funds and get a good return depending on the performance of the market. One can start with a small contribution such as Rs. 500 and can register with a mutual fund account or an aggregrator. With growing income, one can set up yearly or monthly contribution. This methodical approach for investment helps reduce the adverse effects of market fluctuations.
Atal Pension Yojana: @Rs 42 per month
This scheme is apt for the middle-class families to encourage them to save for their old age post retirment. If one invests in the plan, one will start getting pension after the age of 60. The pension will depend on the contributions made by an individual as well as the tenure. For getting maximum returns, start investing early, like from the age of 18. Every month, just contribute Rs. 42 per month and the individual will receive Rs. 1000 at the end of the term. The premium increase with the plan chosen as well as with age.