Making investments is the same as telling your money where to go. Rather than spending your hard-earned income on the things you don’t need, you’re giving your money a job to do—make you wealthier over time. Investing even a small amount regularly over a period of time can help build a significant corpus.
If you want to ensure a regular income later in life, putting your savings in a monthly investment plan can be a lucrative strategy. Additionally,as investments into these schemes are made monthly, it isoften apreferred investment optionamong salaried individuals. In this article, let us understand everything about monthly investment plans, including some key features, benefits and taxation.
What is a Monthly Investment Plan?
A monthly investment plan,as the name suggests, it is a scheme where the investormake investments toreceivea specific sum of money as pay out every month. This monthly pay out amount is based on investments that get accumulated in the scheme over time.
Theseare a number of monthly investment plans in Indiathat providea hassle-free way of ensuring regular income later in life based on accumulated savings.
