A salaried person gets monthly salary every month but what does he do with that salary? When you find your monthly salaries, it is a good idea to save a fixed amount of money and spend the rest afterwards. First you spend and later realize that you do not have any savings at the end of the month. If you live in India then how to invest your month’s salary, let’s say.
Gold Jewelery Schemes
Gold Jewelery Schemes If you are interested in investing in gold and keep the right knowledge, then you can invest in monthly schemes of Gold Jewelers. There are Gold Jeweler Schemes of Titan, GRT, Bhima etc., in which you can buy gold in 1-2 years. This will save you money instead of spending money.
Systematic Investment Plan (SIP)
Open a mutual fund account and invest in a mutual fund’s systematic investment plan. If you invest for a long time, you can get higher returns from Bank FDs in equity funds. They get more tax benefits than bank deposits. You can invest at least 500 rupees and there is no limit to more.
Public Provident Fund (PPF)
You have the first and the best option Public Provident Fund (PPF). There are 4 reasons for this. First of all, it is tax free. The second is that you get a discount under Section 80C of income tax on the investment in it. The third is that you make a deposit for retirement. The fourth benefit is that it currently receives 8.1% interest which is more than bank deposit.
Shares If you have knowledge of shares market
then you can invest in some amount every month. If you are not an expert in this, then invest only in top rated companies in the Sensex. This will give you regular dividends and earn good profits.
Post office time deposit
On the occasional deposit in the post office, you get 7.9% interest which is more than the bank. It is safe, but it does not get interest on tax benefits. You can also invest a small amount of money like 200 rupees.
This is the last option, because now interest rates have dropped and only 7.5% interest is available in government banks. At the same time, tax is also payable on interest.
Company fixed deposits
AAA rated company fixed deposits can give you excellent interest ranging from 8.5 to 9%. Whereas you get only 7.5% interest in bank fixed deposit.