It’s a good thing that you are earning a decent income to support your family’s lifestyle. However, when it comes to saving some money from your income each month, that’s where the problem begins.
Most of the people don’t want to take the risk of investing in the best saving schemes as they fear they won’t fetch enough ROIs.
No matter what you chose such as FD deposit scheme or the senior citizen savings scheme or more, your habit to invest should begin. There are many best savings schemes that offer you only higher ROI but even sure-shot returns.
In the same context, here are some best saving schemes to help you help your money grow over a span of time so that you can fulfil many goals.
1) Public Provident Fund (PPF)
The Public Provident Fund or the PPF is a Government endorsed and safe investment option available in India. It is a long-term investment scheme where you need to lock your money for 15 years, further extendable up to 5 years. The minimum investment amount is Rs.500 and the maximum is Rs.1.5 lakh. Also, the interest earned on it is tax-free as per the Section 80C of the Income Tax Act. You can ask for a withdrawal after 5 years of the creation of the account. You get to avail an interest benefit of 7.9% per year.
2) National Savings Certificates (NSC)
National Savings Certificates or the NSC is another known Government-backed saving and investment plan that offers sure-shot ROI along with tax savings. You can visit any Post Office in India and open an NSC account for a period of five years. Its ROI is decided by the Government which is modified quarterly. You can avail an interest income of 7.9% as of now. An investment from as low as Rs.500 to Rs.1.5 lakh is available.
3) Mutual funds
Mutual funds is another scheme that has gained popularity over the years. You can invest in this scheme where your money is invested through a pool of resources in an asset management company. The gains are higher but the only thing is that it’s impacted by market conditions and hence, not assured.
4) Fixed deposits
Fixed deposits still remain one of the best saving schemes in India because it not only provides a higher return but even laced with sure-shot returns. It happens as the ROI is not influenced by market conditions. If you are a senior citizen, investing in a senior citizen FD scheme can let you earn the highest ROI of 8.75%. Hence, FD deposit scheme is one of the best senior citizen high return investment in india that you can trust.
5) Recurring deposits
If you are a salaried professional who is living on a small income and yet wants to save some money and want it to grow, you can opt for bank recurring deposits or the RDs. You can invest in an RD with as low Rs.500 and earn up to 7% over a tenor. You can break the account anytime without paying any penalty charges. Like this, you can let your money grow over a tenor and also get to liquidate it as per your needs and goals.
Investing and saving is always a good habit that will help in the future. You can now invest in a plan as per your goals, needs, and budget as you are now aware of the best saving schemes.
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