Best schemes for saving your money
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Best schemes for saving your money

  • Highlights

  • FD as one of the most sought-after investment options

  • Better safety without effect of market fluctuations with FDs







Savings don’t just help you safeguard your money, but also offer you additional income if you choose to invest prudently. You can take control of your financial situation by inculcating the best financial management habits.
Amid the best savings schemes, fixed depositsare most preferred because of their stability and high returns. You can also look for some other saving schemes, which could suit you in terms of tenor, returns, risks and credibility.

Here are some of the best schemes, you should consider for investments:

1. Mutual Funds:

Mutual fund investments involve a pool of investments that can be managed by an asset management company. These investments yield returns in the form of dividends over time. Mutual funds have the following benefits:
1. Tax benefits under Section 80C of the Income Tax Act, so you can enjoy tax-free returns
2. Likelihood of earning higher returns
3. Higher liquidity

It is important to consider the risks associated with mutual funds, as they are influenced by market forces. You can look at their past performances, and invest with a trusted financial company to ensure relative safety of your investment.

Additional Read: Best Saving Schemes In India

2. Atal pension:

This is another tax-free scheme, which is designed for people from lower income group. Investors aged 60 and above can opt for a fixed pension from Rs.1000 to Rs.5000. It also provides pension for retirees, along with benefits at the cost of a contribution per month.
3. Pradhan Mantri Jan Dhan scheme:
Jan Dhan Yojana is ideal for farmers and those in rural areas. It offers financial services of remittance, deposits, credit card and much more. It features an overdraft facility to up to Rs.5000, along with a RuPay debit card and accidental insurance of up to Rs.1 lakh.
4. PPF:
Self-employed and salaried individuals can invest a sum of up to Rs.1.5 lakh in a PPF account and gain from tax benefits over the returns. Public provident funds are designed by the government for the working class to invest pools of savings. This option provides steady interest over your savings and ensures that they mature over time.

Additional Read: Everything you wanted to know about PPF

5. Jeevan Jyoti Bima:

This is a life insurance scheme created by the government of India. In case of death of the insured, it offers the nominee up to Rs.2 lakh. It features an annual premium of Rs.330.

Amid all these saving schemes, fixed deposits stand out as safe and reliable investments, where investors get guaranteed returns on maturity of their FDs. You can choose between a cumulative interest pay-out or a non-cumulative pay-out that offers interest for their use on chosen intervals.
Invest smartly and wisely by finding out which investment option works for you and gives you returns as well as tax deductions.

Difference between Cumulative and Non Cumulative

 

Invest smartly and wisely by finding out which investment option works for you and gives you returns as well as tax deductions.

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