By Admin 
Farmers Investment Tips: Even today, farmers in the country consider it safer to buy land or invest their earnings in bank FDs rather than investing them in the stock market. But in today’s times many farmers are also adopting modern methods. Now there is no need of much money for this. SIP i.e. Systematic Investment Plan is now becoming a good option for farmers to invest their money every month.
There are many ups and downs in farming, hence investing in SIP is the easiest way to secure old age and become a millionaire. In this you do not need to invest a huge amount at once. Rather, you can start with a very small amount from your savings from each crop or month. Know in how many years you can become a millionaire through SIP.
You can start with just Rs 500
The process of starting investment in SIP is very easy and completely digital. Which any farmer can do sitting at home from his mobile. First of all, you have to create your account by going to any registered mutual fund app, for which PAN card, Aadhar card and bank account are required. Once KYC is completed, you can start your SIP with a minimum amount of just Rs 500 per month.
Money will be deducted automatically from auto-debit
If you want, you can choose the option of auto-debit. Due to which, on a fixed date every month, money will be automatically deducted from your account and invested. Farmers who have difficulty in paying money every month. Quarterly or half yearly investment options are also available for them. Which they can set according to their harvest time.
Also read: What should farmers sow in Kharif season? Paddy-corn or soybean, which crop will give the highest profit?
This is the advantage of SIP
The advantage of SIP is that it provides compounding i.e. interest on interest. Which turns even small money into a big mountain in the long run. If a farmer saves just Rs 500 or Rs 1000 every month and invests it in a good mutual fund for the next 25 to 30 years. So if you get an average return of 12 to 15%, that amount turns into crores by old age.
Will become a millionaire in this many years
If you do SIP of Rs 2000 every month and your target is to take the fund beyond Rs 1 crore. So, based on the excellent annual return of 15%, a total of Rs 5,28,000 will be deposited in your pocket in 22 years, but with compounding, you will get approximately Rs 1.08 crore. In this way, after completion of 22 years, your total fund will be Rs 1.13 crore.
Also read: Where in the world is red chilli produced the most, what is its production in India?