How to use the Rs 83,200 you will save every year
The new tax relief helps those earning Rs 12.75 lakh per year save Rs 83,200 annually.
Here are some ways using which you can make that money grow.
Instead of spending this unexpected bonanza on mobiles, restaurants, clothing, etc, invest Rs 6,933 per month in a mutual fund SIP for long-term wealth creation.
Expected returns from SIP investments
Assuming a 12% CAGR (long-term average for equity mutual funds), find out how much your investment will grow over:
Wealth after 10 years
Your money nearly doubles in a decade.
Wealth after 15 years
That's the benefit of compounding interest over time.
Wealth after 20 years
Your savings are now worth nearly Rs 1 crore!
Wealth after 25 years
Congratulations! You're a crorepati by just investing your tax savings.
Consider investing in:
Staying invested for longer multiplies your wealth faster.
The power of compounding rewards patient investors.
What you can do with Rs 1.8 crore
Start your SIP today with Rs 6,933 per month and let compounding do the magic.
The earlier you start, the more your money will grow.