New Delhi: Prime Minister Narendra Modi’s wealth increase has once again showed that a person, despite keeping a traditional investment approach, can gain substantial wealth if he has done good financial planning.
As per the asset declarations submitted to the Prime Minister’s Office (PMO), Modi’s net worth increased by Rs 36 lakh in 2020 as compared to his net worth in 2019. PM Modi’s latest asset declaration revealed that his net worth was Rs 2.85 crore as of June 30, 2020, while it was Rs 2.49 crore last year. The asset of PM Modi has increased due to bank deposits of around Rs 3.3 lakh and returns on safe investments worth Rs 33 lakh during 2019.
The moveable assets declared by PM Modi are worth around Rs 1.75 crore. PM Modi has no loans and has no personal vehicle against his name. He possesses four gold rings, weighing approximately 45 grams and is valued at Rs 1.5 lakh. The declarations also revealed that PM Modi jointly owns a plot in Sector-1 in Gandhinagar, measuring 3,531 square feet.
Here’s looking at PM Modi’s savings and investment mantras that teach you great lesson on financial planning.
PM Modi had Rs 31,450 as cash in hand and a bank balance of Rs 3,38,173 and had Bank Fixed Deposit and MOD balance of Rs 1,60,28,939 at SBI Gandhinagar NSC branch. Fixed deposits give you returns and are a good option for people with low risk appetite.
National Savings Certificates
The prime minister has National Savings Certificates (NSC) worth Rs 8,43,124. This is yet again a very good investment option for people with low risk appetite. NSC gives you 6.8 percent interest rate compounded annually but payable at maturity. The NSC Deposits also qualify for tax rebate under Sec. 80C of IT Act.
The PM has life insurance policies worth Rs 1,50,957. A good life insurance plan not only gives you cushion for untoward circumstances, they also give you good returns. Life insurance policies are also great tax savings instrument. You can claim deduction under 80c. The maximum amount for deduction under section 80C is Rs 1,50,000.
Tax-saving Infra bonds
PM Modi has also invested in tax-saving Infra bonds worth Rs 20,000. Tax payers can avail tax-saving benefits by investing in government-approved infrastructure bonds under Section 80CCF. The maximum amount for deduction under Section 80CCF is Rs 20,000 for an assessment year.
PM Modi’s increase in wealth has yet again proved that you need not be a financial market expert to chart out a good financial portfolio. Government saving instruments as well as investment options will give you great returns, provided you plan them well.