To Save And Prosper

Saving is not an optional extra but an obvious choice, which yields its fruit in season. We often tend to succumb to our temptation and spend our income, after deduction, on things that delight our eyes. However, we can never become rich unless we are also setting a part of our income aside  as savings. Amit Kumar Singh, 31, understood the prospect of saving money very early. He has been depositing Rs5,000 every month since 2016 in one of the five-year term recurring deposit schemes, offered by the post office in Darjeeling. He says the post office has promised him around 7.2 per cent added returns per annum on his savings  at the time when the security reaches maturity. In the case of recurring deposits, the compounding happens on a quarterly basis. This means, compounded quarterly sum of Singh’s recurring deposit will grow to Rs3,61,568 when the tenure ends in five...