Hi,
I am Eswar of age 30years, working in an MNC. I came across this site and it helped me a lot to understand the financial concepts. I really appreciate and thankful to your effort.
My wish is to get fixed amount of money every year life long after some years of investment (like pension). Below is my plan that I want to be reviewed by you.I will invest nearly 100000/- in some deposit for 8 years hoping it will double the amount in 8 years(Need to check if this is possible( nearly 9% interest). Suggest me if you have any best plan to double the amount in minimum possible years, with zero/less risk). I will continue to invest the same amount of 100000/- in each of 8 years. in the ninth year, the first installment will get double, so out of 200000/-, I will withdraw 100000/- and will deposit another 100000/- back. next year 2nd installment will get matured. This way, i will get every year 100000/- for my needs life long. If required I can break the loop if situation demands.
Here are my queries.
1. Is there any other plans that meet my requirements? suggest me best bank deposts or schemes to double the amount.
2.Will the retirement plans give better returns than this?
3.If I opt for fixed deposit plan, so the interest is taxable, so it takes more time to double it. Any other plan that don’t have tax?
4. In this I have to bare the burden of opening the deposit every year and withdraw after 8 years. I heard there is a similar plan in state bank will do this for us. Let me know if any possibilities of avoiding this.
I am eagerly waiting for any responses.
Eswar.