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Rewarding saving plans you should consider!

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rewarding saving plans

Saving money is an important part of financial planning, and there are a variety of savings plans available in India which can help you grow your money.

Fulfilling one’s financial obligations is not just crucial for the person, but also has a positive impact on those around them. With children’s education and marriage being two of many examples; a savings plan can help shape future generations as well!

The importance here isn’t just about how much you put away each month – even if inflation hits your paycheck hard over time (which happens more often than people think), at least there will be some kind gesture made towards fulfilling these important needs within society.

Here are some of the best savings plans you should consider:

1. Sukanya Samriddhi Yojana:

  • This scheme is offered by the government to encourage parents to save for their daughters’ education and marriage.
  • The plan offers tax benefits as well as high returns, making it a great option for those looking to save for their children’s future.
  • Sukanya Samriddhi accounts are accessible only to girl children. A girl child’s maximum age should not exceed 10 years.
  • The Sukanya Samriddhi Yojana scheme is currently offering 7.6%(as of 2022) per annum

2. National Pension Scheme (NPS):

  • This scheme is aimed at retirement savings and offers several tax benefits as well as the potential for high returns. It’s a great option for those looking to save for their retirement.
  • Till retirement, pension wealth accumulation grows over the period with a compounding effect.
  • As the account maintenance fees are minimal, the accumulated retirement wealth benefit to the subscriber eventually became substantial.

3. Fixed Deposit:

  • A fixed deposit is a savings plan where you invest your money for a fixed period and receive a fixed return on your investment.
  • This is a great option for those looking for stability and guaranteed returns.
  • FDs are easy to liquidate. They are the best savings plan for an emergency fund.
  • The rate of interest given on FDs varies between 2.8% – 6% for general citizens
    While senior citizens can get an interest of up to 6.5% in selected banks.
  • If you are a senior citizen it will be wise to invest in fixed deposits.

4. Mutual Funds:

  • Mutual funds are investment schemes that allow you to invest in a variety of assets, such as stocks, bonds, and property.
  • This is a great option for those looking to spread their risk and achieve high returns over the long term.
  • If you are a beginner with no understanding of the market, then mutual funds are the best savings plan for you.
  • There are a lot of fund houses in India that provide a plethora of funds for investors with varied risk appetites.

5. Post Office Savings Scheme:

  • This scheme is offered by the Indian post office and offers tax benefits as well as high returns on investments. It’s a great option for those looking for a safe and stable savings plan.
  • The minimum deposit for opening a post office savings account is 500 rupees, which can be opened in single or joint ownership by both individuals living at one address together with their respective family members (spouse included).
  • Interest rate is 4% p.a.

6. Equity Linked Savings Scheme (ELSS):

  • ELSS is a type of mutual fund that invests in stocks. It offers tax benefits as well as the potential for high returns, making it a great option for those looking to grow their money over the long term.
  • With an eligibility period of only three years and low maintenance fees – it’s not just about saving money but also making sure that all profits go towards growing their value!
  • ELSS also provides tax benefits up to 1.5 lac under 80c.

7. Gold Savings Scheme:

  • This scheme allows you to invest in gold and offers several tax benefits as well as the potential for high returns.
  • It’s a great option for those looking to protect their savings against inflation and market volatility.

8. Senior Citizen Saving Scheme:

  • This scheme is aimed at senior citizens and offers tax benefits as well as high returns on investments. It’s a great option for those looking to save for their retirement.
  • You start with as low as ₹ 1000 to a maximum of ₹ 15 lacs.
  • The Senior Citizen Saving Scheme scheme is currently offering 7.4%(as of 2022) per annum

9. Child investment plans:

  • This scheme is offered by banks and allows parents to save for their children’s education and future expenses.
  • It offers tax benefits as well as high returns, making it a great option for those looking to provide for their children’s future.
  • These are the best savings plan for securing the future of your children.

10. Unit Linked Insurance Plans (ULIPs):

  • ULIPs are insurance plans that offer the potential for high returns, as well as the security of life insurance coverage.
  • They are a great option for those looking for a savings plan that offers both security and growth potential.
  • Also, ULIPs are tailor-made to help you earn maximum returns by allowing you to transfer money between different funds.

Investing in the right retirement plan is essential to leading a stress-free life. A savings plan provides financial protection and helps you build up your corpus over time so that all of these goals can be achieved easily with planned investments!

Saving money is an important part of financial planning, and there are a variety of savings plans available in India which can help you grow your money.

Conclusion

By investing in such a savings plan, you can be sure that your future is secure and stable. It offers multiple avenues to grow money through systematic and disciplined investments which are designed for people who want the security their hard-earned savings deserves

 

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