Can you become a millionaire by investing in Fixed Deposits?

RBI reduced the repo interest rate in a big way during the corona pandemic, so not only the interest rate on the loan schemes but also the fixed deposit interest rate came down, so the borrowers benefited a lot. But those who invested in schemes like Fixed Deposit lost their profits to a large extent. Now RBI has increased the repo interest rate again due to many reasons like economic slowdown and rising inflation which is happening all over the world. So popular banking companies are offering 7 to 7.5 percent interest rates on fixed deposit schemes. Moreover, some Smaf Finance banks offer even more interest rates on their fixed deposit schemes.
If you invest in fixed deposit schemes there is no change till the maturity period as compared to fixed deposit schemes. So whatever maturity amount is said to be available at the time of investment, the same will be available. Apart from that, there is no risk. There are no market risks. Hence fixed deposit is the best option for risk-averse people.All three are needed to become a millionaire by investing in Fixed Deposit Scheme. Patience first. Second money. The third is the time for it. If you have patience, if you have the necessary money, if you can wait, you can become a millionaire if you invest the amount invested in a fixed deposit for 20 years.If you invest Rs 25 lakh in a fixed deposit scheme with 10 years interest rate of 7.5 percent per annum, you will get Rs 5255873 after 10 years. 1.10 crore if you invest it again in a fixed deposit scheme that offers a 7.5 percent interest rate for 10 years. In the case of a fixed deposit investment scheme, how much amount and how long you invest will decide the profit. Investing a small amount in schemes like PPF or Mutual has the potential to earn more than this.

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fixed deposits

Sowmiya Sriram

22/09/2022 11:20 PM