Best saving plan in India | Best saving plan

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Best saving plan in india

Saving money is very healthy for your bright future. There are various saving schemes available in India but here we are providing the best saving scheme in India. Using our saving money ideas you can choose the best saving plan for your child or for your family.

Types of saving schemes 

1.       Government saving scheme

·         Different plans for different purposes

·         Guaranteed return

·         Risk 0%

·         Period 5-20 years

·         Highly liquid

·         Taxable or non-taxable

2.      Bank saving scheme

·         Offered by banks and some financial institutions regulated by RBI

·         For every citizen of India

·         High liquidity

·         Return fixed and guaranteed

·         Risk 0-5%

·         Period 7 days -10 yrs

·         Taxable(TDS)

·         Types –FD or RD

3.      Market-linked savings scheme

·         Offered by asset management companies

·         Invest in a small amount in market-linked securities like equities

·         Not guaranteed and are linked to the equity and debt market.

·         Risky

·         Highly liquid

·         Period 3-20 yrs

·         Gains are taxed

There are different types of schemes available in government saving schemes, Bank saving schemes, and Market linked savings schemes. 

Government saving scheme

As the name suggests these saving plans are provided by the government.  Government has the intention that middle-class people can save their money using the minimum amount of money they are able to get high returns. Various schemes are available for specialized categories of people like farmers, girls, small businessmen, for students.  

Types

1.       Public provident fund

2.      Employee provident fund

3.      National saving certificate

4.      Monthly income scheme

5.      Kisan Vikash Patra

6.      Sukanya samridhi yojna

7.      Atal pension yojana

8.     Jan Dhan Yojana

9.      Senior citizens savings scheme

Bank saving scheme

The plan which is provided by a private bank, Government bank, and other financial institutions. These are risky and Highly liquid.

Types

1.       Current account

2.      Saving account

3.      Salary account

4.      Fixed deposit account

5.      Recurring deposit account

6.      NRI accounts

7.      Foreign currency non-resident account

Market-linked savings scheme

These are savings plan which works like an investment. They are provided by banks and some management companies. This is highly risky and you should learn before investing.

Types

1.       Mutual funds

2.      Index fund

3.       Trading 


Now we understand various types of saving plans and their feature. But it's not enough we have to know every detail about these plans and their risk and reward. So continue in our blog we will discuss everything. 

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@soumy sinha





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