Saving schemes are investment instruments to grow your money in a secure way to meet your financial goals. Choosing a good saving scheme will help in lowering tax liabilities and earning the best return on your investment. Read these top 7 saving schemes to save money.
Confused in deciding the best saving scheme for maximum returns on investment? Here is a list of the top 7 saving schemes that will help you meet your financial goals.
NSC, a low-risk government scheme comes with a lock-in period of 5 years with tax deduction up to Rs 1.5 lakh, ensuring steady returns. Invest for a fixed rate of interest and watch your money grow securely.
SCSS is exclusively designed for senior citizens, offering a safe investment with high returns and tax deduction. Invest as minimum as Rs 1000 and maximum up to Rs 15 lakh to make the most of your money.
POMIS guarantees monthly pay out, without any lock-in period, making it ideal for those seeking a stable investment with minimal risk. Open a joint account and invest up to Rs 9 lakh combined.
PPF is a reliable saving scheme, offering tax benefits and partial withdrawal options. Take advantage of this long-term investment option for disciplined savings for self-employed and unorganised sector individuals.
Diversify with SGBs which are government-backed, gold-linked investments. Enjoy capital appreciation and investment growth without the hassles of submitting any physical gold.
Unleash the huge potential of the stock market with Equity Mutual Funds. It is a good investment option when proceeded with expert-managed portfolios for optimal wealth creation.
NPS provides a systematic way to build a retirement corpus. Enjoy market-linked returns and financial security post-retirement, get partial withdrawals up to 25% after 3 years of opening an account.
Choose your saving scheme wisely and secure your future with smart savings. Explore these top 7 schemes for steady growth. Plan wisely and prosper financially.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
