If there is one thing that coronavirus has taught us, then it is not to take life for granted. It can hit you exactly when you believe you are in a comfortable spot. The current situation once again underlines the importance of savings and investments. With each passing day, basic facilities like education and healthcare are becoming more expensive and you need to invest in the right schemes to make your kids richer, or at least to secure their future.
Here are a few schemes you can consider to build a secure future for your kids –
Public Provident Fund
The biggest expense for your child would come in the form of higher education. And, Public Provident Fund, with a lock-in period of 15 years allows you to prepare for the same. You can start investing between Rs 500 and Rs 1.5 lakh per year in PPF from the time of your child’s birth.
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PPF currently offers an interest rate of 7.1 per cent. One can also open a separate PPF…