Looking for Wealth Creation over a period of 5, 10 or 20 years. Start a monthly SIP of 500, 1000, 2000 with good mutual fund houses such as Reliance, Franklin Templeton, Sundaram MF.
You can get good lumpsum amount after 5, 10 or 20 years. SIP works on the basis of rupee cost averaging.
You can expect a return of 25-30% in a year. Senior citizens also can save in SIP and they can choose Balanced Fund since the risk is less compared to diversified equity funds.
Compared to bank deposits or post office deposit schemes, MF SIP are the better way to save your money.
You can visit different websites such as https://valueresearchonline.com and https://mutualfundsindia.com to know more about mutual fund schemes and SIP. The minimum period of SIP Investment is 12 months for Rs.500 per month and 6 months for Rs.1000