Saving Schemes
Saving schemes are investment options to grow your money safely and meet your financial goals. The best savings schemes will help you quickly turn your savings into investments and let you invest for a long period. These schemes help you channel your income regularly towards investments, even in small amounts.
Choosing the best saving scheme will also help lower the annual tax liabilities. Saving schemes include bank deposits, post office schemes, and investments like NSC, KVP and Sukanya Samriddhi Yojana. You can invest money in equity-related or debt-related schemes, or you can invest in fixed deposits, traditional insurance plans and online savings and investment plans, etc.
What are Saving Schemes?
Saving schemes are financial instruments launched by the Government of India (or public/private banks) to help you achieve your financial goals over a particular period. Different saving schemes have different purposes, and they vary in their investment horizons, interest rates, and tax benefits. Choosing the best saving and investment scheme online means you have to assess your risk appetite and financial affordability.
The returns from the best saving and investment schemes in India are secured since most of them are backed by the Government of India. It is a low-risk investment option that provides you good returns. The interest rate of saving and investment schemes changes from time to time and is decided by the government. The government revises the rates every three to six months.
Best Saving Schemes in India
When you decide to invest in saving schemes, there are several options you can choose from depending on your financial needs and your goal duration.
| Sr No | Saving Schemes | Interest Rate offered |
|---|---|---|
| 1 | National Saving Certificate (NSC) | 6.80% |
| 2 | Senior Citizen Saving Scheme (SCSS) | 7.40% |
| 3 | Recurring Deposits (RD) | 6 -7% |
| 4 | Post Office Monthly Income Scheme (POMIS) | 6.60% |
| 5 | Public Provident Fund (PPF) | 7.10% |
| 6 | Kisan Vikas Patra (KVP) | 6.90% |
| 7 | Sukanya Samridhi Yojana (SSY) | 7.60% |
| 8 | Atal Pension Yojana | NA |
| 9 | Voluntary Provident Fund (VPF) | 8.50% |
| 10 | Employees Provident fund (EPF) | 8.50% |
| 11 | Pradhan Mantri Jan Dhan Yojana | 2% above base rate not exceeding 12% |
| 12 | National Pension Scheme (NPS) | 5-12% (Depends on the investment performance ) |
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