Want to be Millionaire ?

Want to be Millionaire ? Within how many years ? Follow the simple technique.

Open Recurring Deposit with any bank of your choice. Assume rate of interest that will be paid on your recurring deposit is 9%, here is the time and amount to be invested to become millionaire.

1 year Rs.79400 pm.
2 years Rs.37950 pm.
3 years Rs.24150 pm.
4 years Rs.17300 pm.
5 years Rs.13200 pm.
6 years Rs.10500 pm.
7 years Rs.8550 pm.
8 years Rs.7125 pm.
9 years Rs.6025 pm.
10 years Rs.5150 pm.

In all the above cases you get Approx. Rs. 10 lakhs on maturity.

Some banks offer special rate to senior citizens. Hence the amount to be paid by them if the rate is above 9% will come down. The rates offered by different banks is different and the amount to be invested monthly vary according to that.

But the rate once agreed will be fixed for the tenure of the deposit.

Recurring Deposit is a type of deposit where the customer is required to deposit fixed sum of money every month within the date specified upto the period specified to get a lumpsum which is informed at the time of opening the deposit itself.

Also note that the banks do not deduct any Tax At Source on the interest earned.

Hence, plan your future expenses and make a RD at the earliest. Because the longer the period of deposit higher the interest you get due to cumulative effect.