A guaranteed way for wealth building

                          Every one should save,as far as possible, certain amount of money for future needs,so that he can fulfill certain desires or obligations which demand lump sum amount. People with some short of surplus money may risk to accumulate such amounts through investments in money markets which need thorough knowledge of up and downs in stock markets which seldom possible to every one. Some people who have no enough time to study trends in money markets but want to bear risk for getting high returns for their money invest in 'mutual funds' either in lump sum amounts or through 'systematic investment plans'. Even this type of investments also require some knowledge or study about existing 'mutual fund managing companies' available ,their conditions, rules and regulations and their strengths and weaknesses. Otherwise there is chance of losing your money. After all,investing in 'mutual funds' means giving your money to others (mutual fund managing organisations/ companies) to do business and hope returns from their efforts. After investment you become only onlooker and no role to play to get good returns. A lay man who has no knowledge,interest or time to study market trends and who cannot bear even a slightest risk for accumulating huge amounts for his future needs can hardly put amounts in stock markets or in the hands of mutual fund organisations and look hesitantly for returns. At this juncture 'recurring deposit account' come into his support which can assure him a guaranteed sum after a specific period for his savings/ investments. In fact, 'recurring deposit' means saving a fixed amount of money of his or her capacity or choice every month for a specific period of time so that it accumulate into huge amounts adding interest on the savings at end of the specified period. It has no market risks involved like in stock markets or mutual funds. It generate assured amounts at the end of the targeted period .So, he or she can plan well in advance purpose for saving the amount and stay undaunted for fulfilling the future needs or obligations.
                    Recurring deposit account is generally opened for a purpose to be served at future date.Generally opened to finance per-planned future purposes like,wedding expenses of daughter,purchase of costly items like land,luxury car,refrigerator or air conditioner etc. Whatever may be financial goals, through recurring deposit he or she can save a little every month so that at the time of need he or she have sufficient funds to achieve financial goals. Recurring Deposit provide the element of compulsion to save at high rates of interest applicable to Term Deposits along with liquidity to access that savings any time.So,set aside a small amount every month and earn a compounded rate of interest.
                   The minimum investment of Recurring Deposit vary from bank to bank but usually it begin from Rs.100/-. There is no upper limit in investing. The rate of interest vary between 7 to 11 percent depending on the maturity period and amount invested. The interest is calculated quarterly or as specified by the bank. The period of maturity range from 6 months to 10 years as per account holders choice.
If you take example of 'Recurring Deposit' in State Bank of India, a monthly deposit amounting to Rs.500/-, at 9.25% interest rate per annum, for 36 months of maturity yield return of Rs20790.23/-
So, chose a bank of your choice and open a 'Recurring Deposit Account' and build wealth to fulfill your future needs or obligations without fear or hesitation.