Only 2 days are left for the big five-day Diwali festival to begin. This festival is going to start with Dhanteras on November 10. There is a trend of shopping on the day of Dhanteras. People buy gold, silver, utensils, coins, etc. The investment made on this day is considered very auspicious. Today we will tell you where you can make better capital in some time.
For better returns, everyone can invest in floating-rate savings bonds. These are also called RBI bonds. The interest in it does not remain the same throughout its tenure. The interest rate for the period July 1 to December 31, is 7.15% which will be payable on January 1 next year. An investor can invest in bonds for a minimum of Rupees 1,000 and there is no maximum limit. These bonds offer a special premature withdrawal facility to senior citizens.
People who are employed can choose the option of a Voluntary Provident Fund (VPF) for investment in this dhanteras. The best thing about VPF is that the government gives the same interest as is available on the EPF account.
SIP is included among the better investment options. Though there is no guarantee of fixed interest in it experts consider an average return of 12 percent in long-term SIP. SIP can be very helpful for you in accumulating capital.
Post Office National Savings Monthly Income Account, or POMIS is a five-year investment with a maximum cap of ₹4.5 lakh under single ownership and ₹9 lakh under joint ownership. POMIS account can be opened in single or joint capacity (3 adults). A minor above the age of 10 can also open an account via a guardian.
NPS Tier II is a voluntary account and having an NPS Tier I account is a prerequisite to open a Tier II Account. The average returns in the category are 11.84%. Whereas a one-year fixed deposit with the country’s top lender, SBI Bank fetches you an interest rate of 5.1%.
Senior Citizen Savings Scheme or SCSS, at present, pays an interest at the rate of 7.4 % per annum. SCSS allows only one deposit not exceeding Rs 15 lakh. Depositors may operate more than one account in an individual capacity or jointly with a spouse. The Maturity period is 5 years. After maturity, the account can be extended for a further three years.
KVP or Kisan Vikas Patra can be purchased from any Departmental Post office At a fixed interest rate of 6.9 % compounded annually. Certificate can be encashed after 2 & 1/2 years from the date of issue.
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