If you want big money in future, then for this it is important that you start saving now. There are many such schemes of the government in which you can make a big amount by saving a small amount every day. One such scheme is the National Savings Time Deposit Account. If you save even Rs 200 in this scheme, then there is a guarantee of getting 5 lakh rupees after 5 years. Let us understand it in detail.
Investment of at least 1 thousand: Actually, you can invest from one year to 5 years in National Savings Time Deposit Account. A minimum investment of Rs 1000 has to be made in this account. However, there is no limit on the maximum amount. That is to say, you can deposit as much as you want. Under this scheme, interest is paid on an annual basis, but it is calculated on a quarterly basis. At present, interest rates ranging from 5.5 to 6.7 per cent are available for tenures ranging from 1 to 5 years.
How to make 5 lakh rupees: If you save 200 rupees every day, then you will be able to invest 6 thousand rupees in National Saving Time Deposit Account on monthly basis. On this investment in 5 years your deposit amount will become 3 lakh 60 thousand rupees. Since the annual interest rate for 5 years in this scheme has been fixed at 6.70 percent, then the interest amount on your deposit will be close to Rs 1 lakh 42 thousand.
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