If you want to save regularly then know these schemes

Some of the popular small savings schemes offered by banks are:

1. Savings Account – This is the most basic and simplest savings plan. There is no limit on the deposit amount and it can be a risk-free savings plan.

2. Fixed Deposit – It offers fixed income and capital protection, hence it has become a popular investment option. Moreover, fixed deposits become a major source of income to meet short-term cash needs and emergencies and post-retirement needs. FD interest rates of scheduled banks for general citizens range from 2.50% to 9.01% per annum, with tenures ranging from 7 days to 10 years. Senior citizens are given an additional interest of 0.50%-0.75% when they open fixed deposits.

3. Recurring Deposit- This is a financial scheme in which a non-resident regularly deposits a fixed amount in the bank. It is a safe and profitable investment option that provides non-resident individuals a means to fulfill their financial plans.

If we make it a habit to save some amount every day and invest in government schemes, then we can get guaranteed returns without any risk. Similarly, some small savings schemes are also run by the post office. Through which a good amount can be deposited like-

1. National Savings Certificate- National Savings Certificate is a tax saving investment that can be purchased from any post office. It is a scheme run by the Government of India in which low-risk investors can earn good profits. NSCs are available for a period of 5 to 10 years and offer guaranteed returns.

2. Kisan Vikas Patra- This scheme was introduced by the government to encourage long-term investment and savings. Kisan Vikas Patra is a savings scheme available in the Indian Post Office in the form of a certificate designed to double the investment after a certain period. This investment is good for investors who avoid risk.

3. Sukanya Samriddhi Yojana- This scheme was brought by the government especially for girls. This account can be opened in the name of any girl child till she is 10 years old. A minimum investment of Rs 250 can be made in this scheme. An interest rate of 8.6% per annum is offered under this scheme.

4. National Pension Scheme (NPS) – NPS scheme is run by the government for the financial security of the elderly. All citizens between 18 and 60 years and central government employees can invest in it. The return rate of this pension scheme ranges from 9% to 12% CAGR.

Tax Saving Schemes

1. Public Provident Fund- This scheme is one of the schemes that gives excellent returns in the long term. By investing in this scheme, you can avail tax exemption as well as compound interest rates. PF is a popular tax saving scheme that offers an annual interest rate of around 8.1%.

2. Equity Linked Saving Scheme (ELSS) – This is a tax-saving investment, by investing in ELSS you can save Rs. You will pay Rs. 1,50,000 and can claim tax exemption up to Rs. 50,000 every year. You can save up to Rs. 46,800.

3. National Savings Scheme- Under this scheme, you can get the benefit of tax savings. By investing in the National Savings Scheme, you can earn about 7.70 percent interest on the investment amount. Under this scheme, you can save tax up to Rs 1.5 lakh.