Turn your Rs 500 into lakhs! Know these 5 amazing how to become rich options

If you have still not decided where you should invest, you can do so now. We are providing here information that will set you on the road to riches - so here goes how to become rich. You don't need a big amount, to start with. An investment of just Rs 500 can earn you lakhs of rupees! Yes. If you put Rs 500 on a monthly basis for 15 years in Mutual Funds, you will get Rs 2 lakhs. Zee Business’ Swati Raina gives 5 options where you can earn very well with just Rs 500 investment.

1-Mutual Fund

Anybody can invest in Mutual Funds. You can earn Rs 2 lakh with a monthly investment of Rs 500 over a 15 year period at 10 per cent interest rate. You can increase investments as per your needs. For an investment of Rs 90,000 you can earn Rs 1.10 lakh. MF can be purchased online.

2- PPF

PPF or Public Provident Fund is one of the most popular small savings investment instrument. This scheme has a 15 year locking period. On investments up to Rs 1.5 lakh annually, you can avail income tax benefits. The interest income is also tax free. You can open a PPF account even in the name of your children. The current interest rate on this scheme is 7.1 per cent.

3- SSY

Another small saving scheme Sukanya Samridhi Yojana (SSY) is also very popular and you can open an account at Rs 250. On investments up to Rs 1.5 lakh annually, you can avail income tax benefits. An account can be opened in the name of girl child up to 10 years. The investments can be made up to 18 years of age.

4- NSC

NSC is a popular scheme run by India Post. You can buy certificates of Rs 100, 500, 1000 and 5000. The investment period is for 5 years and the current interest rate is 6.8 per cent. Income tax benefits can be availed under Section 80C.

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5- Post office savings account

You can open an account in any of the post office branch. The interest income up to Rs 10,000 is tax free. An account can be opened even in the name of a child. The interest rate on such accounts is 4 per cent.