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Saving Schemes

Saving Schemes are launched by the Government of India or public sector financial institutions or Banks. They vary in their interest rates, investment horizons and tax treatments. A saving schemes financially prepares us for unforeseen personal and medical emergencies. It helps you meet your personal aspirations and that of your family’s like - additional educational course to supplement your existing qualifications, child’s higher education and marriage, etc. For some, income from saving schemes also serves as an additional source of income. What’s more? It instils a disciplined habit for regular savings.

The advantage of saving schemes is that they are government backed, thereby, offering complete safety and security of your invested capital. Further, they are low on risk, but at the same time, provide good returns. The interest rates on saving schemes are usually revised every 3-6 months.

Types of saving schemes in India can be broadly categorised into 2 types based on their popularity, financial security and returns:

  • National Savings Certificate (NSC)
  • National Savings Scheme (NSS)

Types of Saving Schemes in India

National Savings Certificate (NSC)

The National Savings Certificate is a scheme offered by the Government of India for fixed income investment that can be opened with any post office. It involves a savings bond that proves to be tax-efficient for the investor. It is best suited mainly for small to mid-income investors with a low risk appetite. This is similar to other fixed income investments like PPF (Public Provident Fund) and Post Office Fixed Deposits.

However, being a safe and low-risk investment also implies that it does not ensure high returns, especially when the capital market is volatile. You can purchase an NSC in your name or hold a joint account with another adult or buy it for a minor. However, the government makes this scheme available only to individuals of Indian nationality. Therefore, HUFs (Hindu Undivided Families) and NRIs (Non-Resident Indians) are not eligible to invest in NSCs.

Salient features and benefits of NSC Savings Scheme:

  • They are of two types based on their maturity periods of 5 years and 10 years.
  • NSCs do not have any maximum limits of purchase. However, investments of only up to INR 1.5 lakhs attracts tax benefits under Section 80C of the Income Tax Act, 1961.
  • The current rate of interest applicable on NSCs is 7.6% per annum. This interest rate is added to the investment and then compounded annually and serves as a stable source of regular income.
  • You can start with an investment as small as INR 100 and increase the amount as per your convenience.
  • Acceptable as collateral by banks and financial institutions as well as security for secured loans.
  • Acts as financial security and support for the nominee on the unforeseen demise of the investor.
  • The entire maturity value is payable to the investor when the investment completes its maturity tenure. However, since TDS on NSC pay-outs are applicable, NSC is not completely tax-free.
  • Investors are not eligible for premature withdrawal unless under exceptional circumstances like sudden death of the investor or legal order from the court.

National Savings Scheme (NSS)

National Savings Scheme (NSS), backed by the Government of India, offers the entire sum assured after the completion of its maturity tenure. The applicable rate of interest is compounded annually. It also gives you the flexibility to extend the term as per your investment objectives. It is also tax deductible under Section 80 C of the Income Tax Act, 1961.

Salient features and benefits of NSS Savings Scheme:

  • Offers fixed assured returns after it completes the maturity term. However, they are not market-linked like some other government schemes.
  • The rates on small saving schemes are revised and updated every quarter every quarter. This implies that you will be eligible for higher interest rates.
  • NSS schemes like PPF, Sukanya Samriddhi Yojana, NSC etc., attract tax exemptions of up to INR 1.5 lakhs under Section 80C of Income Tax Act, 1961. Besides, interest on Sukanya Samriddhi Yojana and PPF and Sukanya Samriddhi Yojana is also tax-free.
  • Investors are not eligible for premature withdrawal unless under exceptional circumstances like sudden death of the investor.

Public Provident Fund (PPF)

This scheme was introduced by the National Savings Institute, under the Finance Ministry of India, in 1968. It is an effective savings instrument, specifically for tax savings.

Salient features and benefits of PPF Savings Scheme:

  • Attracts an interest rate of 7.6% per year, which is then compounded annually.
  • Applicable on a minimum annual investment of INR 500 and a maximum of INR 1,50,000.
  • Payable in lump sum or through a maximum of 12 deposits in one financial year.
  • Maturity period varies from a minimum tenure of 15 years and can be extended up to a maximum of 5 more years, as per the discretion of the investor.
  • Offers further flexibility as it can be moved from one post office or bank to another.
  • Not applicable on joint accounts.
  • Investors are eligible for tax deductions under Sec. 80C of the IT Act, 1961. Besides, accumulated interest is completely tax-free.
  • The accumulated savings is accepted by banks and financial institutions as security and collateral during loan application from the third financial year.

Post Office Savings Scheme

Being one of the most secure and reliable saving schemes, it is the most suitable for investors who have a low-risk appetite. Besides assuring investors of high returns, the process is streamlined, quick and hassle-free. It is accompanied by the inherent features of high-end investment and saving schemes in India.

The following are the products of Post Office Savings Scheme-

  • Post Office Savings Account
  • 5 Years Post Office Recurring Deposit Account
  • Post Office Time Deposit Account
  • Post Office Monthly Income Account Scheme
  • Senior Citizens Saving Scheme
  • 15 Years Public Provident Fund Account
  • National Savings Certificates (NSC)- 5 Years NSC (VIII Issue) and 10 Years NSC (IX Issue)
  • Kisan Vikas Patra (KVP)
  • Sukanya Samriddhi Account

Senior Citizens’ Savings Scheme (SCSS)

Senior Citizens Savings Scheme was especially planned keeping in mind the unique needs of senior citizens in India, that is, individuals of at least 60 years of age. However, individuals between 55 years and 60 years who have retired or have opted for Voluntary Retirement Scheme (VRS) are also eligible to apply for Senior Citizens Savings Scheme, but only when the savings scheme account has been issued within one month of the receipt of their retirement benefits.

Salient features and benefits of Senior Citizens’ Savings Scheme:

  • The applicable rate of interest for Senior Citizens Savings Scheme is 8.3% quarterly, payable on any one of these days in a financial year - 31st March, 30th June, 30th Sept and 31st. December.
  • The tenure of the saving schemes is 5 years.
  • Investors are eligible for making a maximum of one deposit into the saving schemes and in multiples of INR 1,000.
  • The maximum amount cannot be more than INR 15 lakhs.
  • The account is transferrable from one bank or post office to another.
  • The savings scheme account can be closed before the completion of its full tenure, provided the investor pays 1.5% of the deposit amount in the first year and 1.0% of the amount in the second year.
  • The tenure can be further extended to a maximum of 3 years after the minimum maturity term of 5 years, as per the discretion of the investor. If the investor wants to withdraw the amount after the completion of 1 year of this extended term, the savings scheme account can be closed prematurely without any deductions.
  • The accumulated interest attracts TDS, deducted at source, if the interest exceeds INR 10,000 annually.
  • The accounts of this savings scheme enable investors to avail tax deductions under Section 80C of Income Tax Act, 1961.

Kisan Vikas Patra (KVP)

Kisan Vikas Patra (KVP), launched in the year 1988, is one of the most preferred saving schemes from the Indian Postal Department. Post its initial phenomenal success, this savings scheme was discontinued in 2011 as a result of it being misused. It was re-introduced in 2014 after experiencing high demand.

Salient features and benefits of KVP Savings Scheme:

  • What attracts the applicant to this savings scheme is that the principal amount doubles in 118months (9 years & 10 months) at an interest rate of 7.3%.
  • This is available only in the multiples of INR 1,000, INR 5,000, INR 10,000 and INR 50,000, INR 1,000 being the minimum purchase value. It does not have a maximum limit.
  • It can be encashed prematurely after 2½ years from the issuance date.
  • The account of this savings scheme can be transferred from one bank or post office to another, and from one individual to another.

Sukanya Samriddhi Yojana (SSY)

Introduced by the Indian Ministry of Finance, the Sukanya Samriddhi Yojana (SSY) savings scheme was launched by the honourable Prime Minister of India, Mr. Narendra Modi, to financially secure the future of the girl child and support her future ambitions. Salient features and benefits of SSY Savings Scheme:

  • Attracts an annual rate of interest of 8.1% on the principal amount, one of the highest in a saving schemes of its kind.
  • The account for this savings scheme can be opened at any post office or authorised bank in India.
  • Deposits can be made in denominations of INR 100. However, the initial deposit applicable ranges from a minimum of INR 1,000 to a maximum of INR 1,50,000 per year.
  • The maturity term is 21 years from the issuance date and the account holder has to pay into the account for a total term of 14 years.
  • This savings scheme account can be transferred from one bank or post office to another bank or post office anywhere within India.

Atal Pension Yojana

Named after the respected former Prime Minister of India, Shri Atal Bihari Vajpayee, this savings scheme is designed to cater to the welfare of the weaker sections of the society. It is also applicable to individuals, especially those working in the unorganised sectors, who require the financial support from a government-sponsored welfare program. This serves as a robust pension plan for their post-retirement years. Applicants pay a very low premium and enjoy the fruits of a robust and reliable pension plan.

Salient features of the Atal Pension Yojana Savings Scheme:

  • A robust retirement plan that acts as a steady source of income for the weaker sections of the society and people working in the unorganised sector, which does not offer a pension option.
  • Indian citizens between the age groups of 18 years and 40 years are eligible to apply.
  • Involves a very low premium amount, but it has to be paid for a minimum duration of 20 years. However, the higher the premium amount, the higher will be the payable pension amount.
  • It is mandatory for the applicant to hold an active savings bank account.
  • The applicant cannot be a policyholder of any other statutory saving schemes.

Employee Provident Fund (EPF)

The Employee Provident Fund (EPF), introduced by the Employees' Provident Fund Organisation (EPFO), involves the working Indian population to make a compulsory financial contribution into a Provident Fund (PF) account. This enables them to plan their retirement fund in advance. Alternately, it also offers them the benefit of financial security during unforeseen emergencies as well as planned financial objectives. EPF is one of the most popular and much-favoured government-sponsored savings scheme of a vast majority of the Indian population working in the organised sector.

Salient features and benefits of EPF Savings Scheme:

  • In this savings scheme, the employer and employee contribute 12% of the employee’s monthly salary into this provident fund account every month.
  • The annual rate of interest on the funds accumulated in the EPF account throughout the year is decided by the government and usually ranges between 8% and 12%.
  • The interest is credited to the employee’s account on 1st April of every financial year.
  • The EPFO office generates annual reports through the concerned employer that the employee is employed with, to enable him/her to clear the bearings on the amount accumulated in the EPF account.

National Pension System (NPS)

The National Pension System is a savings scheme that focuses on serving as reliable and secure source of monthly income after retirement. To avail this benefit, employees have to make a small premium payment towards NPS while they are gainfully employed. The lump sum, accumulated throughout the tenure of the scheme, is broken down through an annuity plan, and paid to the applicant every month post-retirement.

Salient features and benefits of NPS Savings Scheme: _ Acts as a secure source of monthly income for retired employees of state and central government organisations, employees of MNCs, and Indian citizens employed in the unorganised sectors.

  • For employees of the central or state government organisations, the applicable deduction from the individual’s monthly income is 10% and an equal contribution from the government.
  • For employees of MNCs or those from the unorganised sectors, NPS is similar to any other long-term saving schemes that benefits applicants after the completion of the pre-determined tenure, as per the terms of the scheme.

Voluntary Provident Fund (VPF)

As suggested by the name of this savings scheme, employed Indian citizens can opt for out of their individual willingness.

Salient features and benefits of VPF Savings Scheme:

  • The applicant willingly contributes up to 100% of their basic salary and dearness allowance towards their respective Employee Provident Fund (EPF), as opposed to the usual 12%.
  • As per the financial year 2013 – 14, applicants were eligible for an interest rate of 8.75% on the accumulated funds.
  • Any activity in an applicant’s VPF will have a direct impact on his/her EPF account too, and vice versa.

Deposit Scheme for Retiring Government Employees

This savings scheme, targeted at the retiring employees of the public sector, is particularly well-known for its hassle-free application and documentation procedure.

Salient features and benefits of this savings scheme:

  • The necessary documents required during the application process to be eligible for this saving schemes are locally payable cheque, DD, etc., along with a certificate from the employer.

  • The interest accrued is payable from the date of deposit to 30th June or 31st December of the same year, and subsequently followed by half-yearly payments on 30th June or 31st December.

  • Withdrawals cannot be made by applicants during the first year of the opening of the account. However, the applicant will be eligible for withdrawals after the completion of one year.

Pradhan Mantri Jan Dhan Yojana

This savings scheme has been launched by the Government of India in 2014, especially for those Indian citizens who do not have a bank account in India. This offers cost-effective solutions related to accessing financial services like banking, remittance, insurance, pension, etc.

Salient features and benefits of Pradhan Mantri Jan Dhan Yojana Savings Scheme:

  • Account holders are eligible for an accidental insurance cover of INR 1 lakh and a life cover of INR 30,000, payable on the death of the beneficiary.
  • Account holders are eligible for an overdraft facility of up to INR 5,000, applicable to not more than one account per household.
  • This savings scheme is tailor-made for Indian citizens below the poverty line, empowering them to make the most of this saving schemes through reinvestments.
  • Maintaining a minimum balance in the account is not mandatory.
  • Account holders can avail interest on their deposits.
  • Account holders can avail seamless access to insurance policies and pension.
  • Beneficiaries of government schemes are eligible for Direct Benefit Transfer.
  • Mobile banking facility further makes this saving schemes user-friendly.

Advantages of Saving Schemes in India

Let’s look at some of the primary benefits of savings schemes in India:

Robust savings schemes

The public and private sector banking schemes from the Government of India offer a robust and secure savings instrument for individuals with varied financial objectives.

Hassle-free services

These saving schemes are customised to offer streamlined and seamless application and maintenance.

Extensive range of savings schemes

The government offers a wide range of saving schemes to cater to the varied needs and financial goals of Indians citizens across different sections of the society. For instance, Sukanya Samriddhi Yojana focuses on the financial support for the girl child, while Pradhan Matri Jan Dhan Yojana is especially designed for citizens below the poverty line.

Long-term financial strategies

The saving schemes are safe investment instruments that enable applicants to meet long-term financial goals like child’s higher education, child’s marriage, retirement plan, etc.

FAQs on Saving Schemes

Can a senior citizen open a PPF account?

Yes, a senior citizen can open a PPF account. Any Indian citizen of at least 18 years of age is eligible to open a PPF account. There is no maximum age limit. Adults can open a Public Provident Fund account for minors.

Can I withdraw money from RD account before maturity?

Premature withdrawals on Recurring Deposit accounts are not allowed. However, your bank may enable you to withdraw the accumulated amount before the maturity term on payment of a penalty.

Can NSC be broken before maturity?

Section 16(1) of the Indian Constitution allows premature withdrawal from NSC account only on these conditions: “(a) on the death of the holder or any of the holders in the case of joint holders; (b) on forfeiture by a pledgee being a Gazetted Government Officer when the pledge is in conformity with these rules; or (c) when ordered by a court of law.”

However, if it is not possible for you to wait till maturity, the only option for you is to borrow from a bank by pledging the NSC under Rule 12 of Section 16(1) of the Indian Constitution. This rule specifies that the NSC can be pledged on an application to the Post Master of your post office, giving him the mandate to transfer the certificates as security to any of these parties:

  • President of India or Governor of your state
  • Reserve Bank of India or a co-operative society or a scheduled bank
  • A Corporation or a Government organisation
  • A housing finance company backed by the National Housing Bank and notified by the Central Government, and
  • a local authority

Can NSC be transferred?

Yes, you can transfer your NSC account from the bank or post office where you had initially opened it to any bank or post office across India, as per your convenience, provided it has not reached its maturity.

Can NSC be withdrawn from any post office?

Yes, you can withdraw your NSC from any bank or post office, and not necessarily from the bank or post office where you had opened it, provided you submit a transfer form.

Can Sukanya Samriddhi account be paid online?

Online premium payment option for Sukanya Samriddhi accounts is not available. Banks and post offices issue passbooks while opening these accounts. You need to get your passbooks updated after depositing a cheque or demand draft towards payment of premiums.

Can we get loan against NSC?

There are two ways by which you can get a loan against your NSC. You can either take a flat loan against NSC and repay the amount in monthly EMIs or you can opt for an overdraft facility against your NSC.

Can we purchase NSC online?

Yes, you can buy NSC from an authorised bank or post offices as per your preference.

Can we withdraw NSC before maturity?

Section 16(1) of the Indian Constitution allows premature withdrawal from NSC account only on these conditions: “(a) on the death of the holder or any of the holders in the case of joint holders; (b) on forfeiture by a pledgee being a Gazetted Government Officer when the pledge is in conformity with these rules; or (c) when ordered by a court of law.”

However, if it is not possible for you to wait till maturity, the only option for you is to borrow from a bank by pledging the NSC under Rule 12 of Section 16(1) of the Indian Constitution. This rule specifies that the NSC can be pledged on an application to the Post Master of your post office, giving him the mandate to transfer the certificates as security to any of these parties:

  • President of India or Governor of your State
  • Reserve Bank of India or a co-operative society or a scheduled bank
  • A Corporation or a Government organisation
  • A housing finance company backed by the National Housing Bank and notified by the Central Government, and
  • a local authority

How do I create a savings plan?

Your savings plan will depend on your financial goals, among various other factors like your occupation, section of the society you belong to, gender, etc. Here is the list of the most popular savings schemes that you can consider, based on your financial goals and other parameters:

  • National Savings Scheme
  • National Savings Certificate
  • Public Provident Fund
  • Post Office Savings Scheme
  • Senior Citizens Savings Scheme
  • Kisan Vikas Patra
  • Sukanya Samriddhi Yojana
  • Atal Pension Yojana
  • Employee Provident Fund
  • Nation Pension Scheme
  • Voluntary Provident Fund
  • Deposit Scheme for Retiring Government Employees
  • Pradhan Matri Jan Dhan Yojana

How interest is calculated NSC?

NSC attracts an annual interest rate of 7.6%.

How many years does it take for FD to double?

If you want to double the amount that you are planning to invest in a Fixed Deposit, you can consider investing in a Fixed Deposit Double Scheme from one of the banks that offer this scheme. These banks offer different rates of interest and different investment tenures that you can choose from as per your financial objectives. The interest accrued may double your invested amount, with the interest component comprising of half the amount you has invested.

Is interest on NSC is taxable?

NSC investment is deductible under Section 80C of Income Tax Act, 1961. As the interest accrued annually is re-invested, it is considered to be a source of income from other sources. Hence, the interest on NSC is taxable.

Is maturity value of NSC taxable?

Yes, maturity value of NSC is taxable annually under Section 80C of Income Tax Act, 1961. This is because NSC accrues every year and is reinvested at the end of each year. The interest amount is considered to be an income from other sources. When this amount is reinvested, it attracts credit, making it eligible for deduction under Section 80C.

Is NSC a good investment option?

The following features make NSC a smart investment option:

  • Offers the flexibility of selecting from two types based on their maturity periods of 5 years and 10 years.
  • Attracts a healthy rate of interest of 7.6% annually. This interest rate is added to the investment and then compounded annually, acting as a stable source of income.
  • You can start with a small investment of INR 100 and increase the amount as per your convenience. There is no maximum limit for the investment amount.
  • Acceptable as collateral by banks and financial institutions as well as security for secured loans.
  • Acts as financial security and support for the beneficiary on the sudden demise of the investor.
  • The entire maturity value is payable to the investor, once the investment completes its tenure. However, since TDS on NSC pay-outs are applicable, the investor has to pay the relevant taxes on this amount.
  • Investors are not eligible for premature withdrawal unless under exceptional circumstances like sudden death of the investor or legal order from the court.

Is NSC tax-free?

No; NSC investment is deductible under Section 80C of Income Tax Act, 1961. As the interest accrued annually is re-invested, it is considered to be an income from other sources. Hence, the interest on NSC is taxable too.

Is NSC taxable on withdrawal?

Withdrawal from NSC account is taxable as per your income tax slab. As the interest is reinvested, it is considered to be an income from other sources.

Is PPF better than ELSS?

PPF (Public Provident Fund) and ELSS (Equity Linked Savings Scheme) are effective tax-saving instruments that you can invest in, as per your financial objectives, investment horizon, investment amount and risk appetite. One important point to consider would be the premature withdrawal option. You can withdraw 50% of the amount accrued in your PPF account only after the 5 year lock-in period. But, ELSS allows you complete withdrawal after the completion of the maturity term of three years, offering more liquidity and flexibility for further investments.

Unlike PPF, ELSS does not guarantee a fixed interest rate. Hence, it is better suited for investors with a comparatively high risk appetite. However, ELSS offers better returns in the long-term as it involves greater risks.

Is TDS applicable on NSC?

Yes, TDS is applicable on NSC. As the interest accrued annually is re-invested, it is considered to be an income from other sources, making it eligible for TDS deductions.

What are saving schemes?

Savings Schemes are introduced by the Government of India or public sector financial institutions. They vary in their interest rates, investment horizons and tax treatments. A savings scheme financially prepares us for unexpected personal and medical emergencies. It helps you meet your personal aspirations and that of your family’s – higher educational course to supplement your existing qualifications, child’s higher education and marriage, etc. For some, income from savings schemes also serves as an additional source of income. Further, it instils a disciplined habit for regular savings.

The advantage of savings schemes is that they are government backed, thereby, offering complete safety of the invested capital. Additionally, despite being low on risk, they offer good returns. The interest rates on savings schemes are usually revised every 3 months.

Types of savings schemes in India can be broadly categorised into 2 types based on their popularity, financial security and returns:

  • National Savings Certificate (NSC)
  • National Savings Scheme(NSS)

What are savings in finance?

Savings refers to the part of the income that remains unspent. It can either be deposited in low-risk instruments or invested in policies that are accompanied by higher risks and, hence, higher returns. To be more specific, it is income that will not be consumed immediately.

What does Savings Plan mean?

Savings Plan implies at the investment made by an individual through regular contribution of a pre-determined amount to a certain savings scheme to meet short, medium or long-term financial objectives.

What is an employee savings plan?

Employee savings plan is an investment account offered by an employer that allows employees to invest a certain part of their pre-tax income for financial goals like financing additional educational courses, purchasing a home or car, or as retirement savings.

What is ELSS?

Equity-linked Savings Scheme (ELSS) is a type of long-term equity mutual fund investments that are accompanied by a minimum lock-in period of 3 years. Investors can start with a small amount of INR 500. An ELSS mutual fund attracts EEE (exempt-exempt-exempt) benefits and is a smart investment option for achieving long-term capital growth. Most importantly, it offers high returns even during volatile capital market conditions.

What is monthly income saving schemes?

Monthly Income Plan (MIP) is classified under the mutual fund scheme category that invests in debt and equity securities. Its objective is to offer a steady and robust source of income in the form of dividend payments. It is usually best suited as a retirement plan for senior citizens with a fixed source of income or for people looking to supplement their current income or acts as financial security during emergencies.

What is National Savings Scheme?

National Savings Scheme (NSS), backed by the Government of India, offers the entire sum assured after the completion of its maturity tenure. The applicable rate of interest is compounded annually. It also gives you the flexibility to extend the term as per your investment objectives. It is also tax deductible under Section 80C of the Income Tax Act, 1961.

What is RD account?

Recurring Deposit is classified under the category of Term Deposit offered by Indian banks. This enables Indian citizens with a regular income to deposit a certain pre-determined amount every month into their Recurring Deposit accounts and earn interest rates as applicable to Fixed Deposits. The maturity tenure for RDs varies from a minimum of 6 months to a maximum of 10 years.

What is RD interest rate in post office?

The rates for Recurring Deposits offered by post offices keep getting revised frequently. After the last revision, the existing interest rate of RDs in Indian post office is 6.9 % p.a.

What is Sukanya scheme?

Introduced by the Indian Ministry of Finance, under the Government of India, the Sukanya Samriddhi Yojana (SSY) savings scheme was launched by the honourable Prime Minister of India, Mr. Narendra Modi. This savings scheme aims at financially securing the future of the girl child.

The following are its salient features:

  • The annual rate of interest is 8.1 % on the principal amount, one of the highest in a savings scheme.
  • The account for this savings scheme can be opened at any post office or authorised bank in India.
  • Deposits can be made in multiples of INR 100. However, the initial deposit may vary between a minimum of INR 1,000 to a maximum of INR 1,50,000 annually.
  • The maturity term is 21 years from the issuance date and the payable term is of 14 years.
  • This savings scheme account can be transferred from one bank or post office to another bank or post office anywhere within India.

What is the interest of NSC?

The existing interest rate on NSCs is 7.6% per annum.

What is the maturity period of Kisan Vikas Patra?

The maturity period for Kisan Vikas Patra savings scheme is 118 months, that is, 9 years and 10 months.

What is the rate of interest on PPF?

The applicable rate of interest for PPF is 7.6% per year.

Where should I invest my money for good returns in India?

Here are the top investment options you can consider for good returns:

  • Savings Schemes
  • Certificate of Deposit
  • Bank Fixed Deposits
  • Postal Savings Schemes
  • Money Market Funds
  • Life Insurance
  • Stocks

Which bank has the maximum number of branches in India?

State Bank of India has the maximum number of branches with a record number of 16,333 branches.

Which bank is best for saving account in India?

The following are some of the leading Indian banks for savings accounts based on their services, accessibility, etc.:

  • State Bank of India or SBI
  • Axis Bank
  • Yes Bank
  • Kotak Mahindra Bank
  • Citibank
  • HDFC Bank
  • Bank of India
  • RBL Bank
  • ICICI Bank
  • Canara Bank

Which bank is best in India for saving schemes?

You can invest in savings schemes in any Indian bank. It is mandatory for banks offering these savings schemes to abide by and implement the features and benefits, as decided by the Government of India.

Which banks offer Sukanya Samriddhi account?

The following are the banks authorised by the Reserve Bank of India to offer Sukanya Samriddhi account:

  • United Bank of India
  • IDBI Bank
  • Indian Bank
  • Axis Bank
  • Allahabad Bank
  • Union Bank of India
  • UCO Bank
  • State Bank of Patiala
  • Vijaya Bank
  • Punjab & Sind Bank (PSB)
  • Oriental Bank of Commerce (OBC)
  • Syndicate Bank
  • Indian Overseas Bank (IOB)
  • ICICI Bank.
  • Corporation Bank
  • Canara Bank
  • Central Bank of India (CBI)
  • Bank of India (BOI)
  • Bank of Baroda (BOB)
  • Bank of Maharashtra (BOM)
  • Andhra Bank.
  • Dena Bank

Which is best saving scheme in India?

The best savings schemes often vary based on individual investment objectives, investment horizon, interest rates, risk appetite, expected returns, etc. However, these savings schemes are beneficial for most Indian citizens:

  • Fixed Deposit (FD)
  • Public Provident Fund (PPF)
  • Unit Linked Investment Plan (ULIP)
  • National Savings Certificate (NSC)
  • Mutual Funds
  • Equity Linked Savings Schemes (ELSS)

Which is the best investment option in India?

The following are some of the robust investment options in India:

  • Equity Mutual Funds
  • Debt mutual Funds
  • Direct Equity
  • National Pension Scheme (NPS)
  • Public Provident Fund (PPF)
  • Fixed Deposit (FD)
  • Senior Citizens’ Savings Scheme (NCSC)
  • Real Estate
  • RBI Taxable Bonds
  • Gold

Which is the best saving schemes in post office?

Below are the post office schemes that offer a reliable source of income:

  • Post Office Savings Account
  • 5-Year Post Office Recurring Deposit Account (RD)
  • Post Office Time Deposit Account (TD)
  • Post Office Monthly Income Scheme Account (MIS)
  • Senior Citizen Savings Scheme (SCSS)
  • 15 year Public Provident Fund Account (PPF)
  • National Savings Certificates (NSC)
  • Kisan Vikas Patra (KVP)
  • Sukanya Samriddhi Accounts

Why is a savings plan important?

A regular savings plan enables us to be financially prepared for unpredicted emergencies, personal and medical. It also enables us to meet our individual financial objectives like an additional educational course to supplement your existing qualifications, child’s higher education and marriage, financing a foreign trip, etc. besides, it inculcates a disciplined habit for regular savings.

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