Saving money for the long term


#1

Hi guys. I wanted to know what are the options for someone who would want to invest small amounts of money for the long term?

I basically want to save/deposit 4-5 thousand each month, earn a return on it and be able to get all of my savings after 5 or 10 years. Is there any such package offered by banks? Any advice?


#2

Try HMB deposit scheme. You can buy certificates of 25k which have a maturity of 6 years and they double on the maturity date. Check this:

http://www.hmb.com.pk/HMBIzafaCertificates.htm

Or you can get an investment plan with an insurance plan but i would advise against that since they don't manage their investments very well and invest a lot of your portion in the stock market which is risky.


#3

[quote=“rnathbatra, post:2, topic:14688”]

Try HMB deposit scheme. You can buy certificates of 25k which have a maturity of 6 years and they double on the maturity date. Check this:

http://www.hmb.com.pk/HMBIzafaCertificates.htm

Or you can get an investment plan with an insurance plan but i would advise against that since they don’t manage their investments very well and invest a lot of your portion in the stock market which is risky.

[/quote]

Whats the procedure for buying the certificate? What if i want to get my money back before 6 years? I guess i can sell the certificate to someone else?


#4

You have to visit a HMB branch. The manager told me there is no penalty on withdrawing the money. They just calculate interest upto the date of the withdrawal and pay it to you. But i didn't believe that. I am sure that upon withdrawal the interest calculation is on a lower rate as compared to what is written at the website.