Rs. 1000 crores for your kid!
How does it feel to think of creating a Rs. 1000 crores for your child or grand child – depending on your age?
Well go and start a SIP for say Rs. 30,000 and increase the contribution by 10% every year…and let it go on for the kid for 20/25 years.
Should you open it in your name or the kid’s name?
Well this should be opened in your first name….and then add your son’s name could be added when he is 18 years of age
Don’t worry about what rate of interest you will get. It could be anything from 3% to 21% !!!
https://www.youtube.com/watch?v=U57p2PRV-tE
V SENTHIL MURUGAN
Sir, thank you so much for such an insightful wealth creation perspective. you are not only creating wealth but a habit and discipline inter generationally.
You mentioned about the holding an account intergenerationally , where secondary holder becomes the primary holder and after sometime , and then new secondary holder has been added and so on.
is there any bank account product which allow the this change of responsibility ? I just spoke to few customer care executives from HDFC , they are unware of this. Kindly help in this on how to operationalize the same.