The savings scheme is one of the basic needs which requires you to think of saving the money from your earnings. The savings scheme is the same as holding an account in the bank where you can save all your money in it. The use of the savings scheme is that this will provide security to the money and even give interest rates depending upon how much you are putting the money. So, there are many savings scheme which is offered by the government, banks and financial companies for people to plan on their finance. Below is the best savings scheme in India.
National Savings Certificate
The national savings certificate is the fixed income savings plan where you can open with any post office in India. This plan was initiated by the government of India and will encourage those who fail under or mid-income categories to invest while saving on income tax. National Savings Certificate is primarily used by people for small to medium investments and for tax savings purposes.
Senior Citizen Savings Scheme
This plan will offer its investor safety, regular income and a good method for tax savings investment plan. During the time of retirement, Individuals are very hesitant to invest money in equities since they prove to be risky. So, this kind of scheme comes with the extended maturity period which doesn’t offer income regularly. Also, this scheme is available in post offices and certified banks across India.
This scheme is offered by banks and the plan can be used for people who can regularly deposit money and wants a huge return at the time of maturity. So, Individuals can choose the term period and also the amount of the number of monthly deposits which they make according to their convenience. The Recurring Deposits can be the best savings scheme in India.
Public Provident Fund
The national Savings Institute was introduced by the Public Provident fund in the year 1968. As per the government-backed savings scheme, it is the safest and most popular savings option in India. The contribution made towards the PPF account is applicable for tax deduction under section 80C of the income tax act.
There are few other schemes in India where Individuals can use the savings scheme. However, the above schemes can be a good plan to finance the money in it and get a better amount of money in return. Hope that I have covered all the topics in my article about the best savings scheme in India.