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  • Writer's pictureRaj

Top Money Saving Schemes in India

In India, many money-saving schemes are available to individuals seeking to enhance their savings. Here are some widely recognized choices: these 6 saving schemes introduced by indian government.

Top Money Saving Schemes in India

1.Public Provident Fund (PPF)

The Government of India offers the PPF as a long-term savings scheme. It provides appealing interest rates and tax benefits. Individuals can open a PPF account with designated banks or post offices and contribute a minimum of ₹500 per year. The maturity period is 15 years, extendable in blocks of 5 years.

Key points for public provident fund

  • Eligibility and Account Opening

  • Contribution and Maturity Period

  • Interest Rates and Tax Benefits

2.National Savings Certificate (NSC)

The government of India Offers NSC (fixed-income investment scheme). It offers a fixed interest rate and has a maturity period of 5 or 10 years. The interest earned on NSC qualifies for tax deductions under Section 80C of the Income Tax Act.

Key points for national saving certificate

  • Maturity Period and Interest Rate

  • Tax Deductions

3.Sukanya Samriddhi Yojana (SSY)

Designed specifically for the welfare of the girl child, this scheme allows parents or legal guardians to open an SSY account in the name of a girl below the age of 10. It offers an attractive interest rate and tax benefits. The funds accumulated can be utilized for the girl child's education and marriage expenses.

Key Points for sukanya samriddhi yojana

  • Account Opening for the Girl Child

  • Interest Rate and Tax Benefits

  • Utilization of Funds

4.Post Office Savings Schemes

India Post provides various savings schemes, including the Monthly Income Scheme (MIS), Time Deposit (TD), and Senior Citizen Savings Scheme (SCSS). These schemes offer different durations and interest rates, allowing individuals to choose according to their financial goals and risk tolerance.

Key Points for post office saving schemes

  • Types of Schemes (MIS, TD, SCSS)

  • Duration and Interest Rates

5.Fixed Deposits (FD)

You may approach Banks and financial institutions to get fixed deposits with varying tenures and interest rates. FDs guarantee investment returns and are suitable for short to medium-term savings goals. However, the interest earned on FDs is subject to tax deductions per prevailing income tax laws.

Key Points for Fixed Deposits (FD)

  • Banks and Financial Institutions

  • Tenures and Interest Rates

  • Tax Implications

6.Mutual Funds

These investment vehicles pool money from various investors to create a diversified portfolio of securities. They provide the potential for higher returns compared to traditional savings schemes but entail a certain level of risk. You can select from various mutual fund opportunities based on their investment plans and risk tolerance.

Key Points for Mutual Funds:

  • Investment Structure and Potential Returns

  • Risk Factors

  • Choosing the Right Mutual Fund

Extra Bonus: additional Saving Money schemes list given below

  • Post Office Recurring Deposit

  • Post Office Monthly Income Scheme

  • Post Office Time Deposit (1 year - 5 years)

  • Kisan Vikas Patra (KVP)

  • ELSS (Equity Linked Savings Scheme) Market Linked

  • NPS (National Pension Scheme) Market Linked

  • Tax Saving FDs

  • Senior Citizens’ Saving Scheme (SCSS)

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