Savings is the amount that remains after an individual’s consumption demands have been met. On a monthly basis, people who buy on credit and have increasing EMI responsibilities would have little or no money to save. Savings aid in the accumulation of cash for the future.
- Keep track of your spending.
- Separate wants from needs.
- Avoid using credit to pay your bills.
- Save regularly.
- Check your insurance policies.
- Cut or downgrade your services.
Top 10 Saving Schemes
Savings Schemes are investment options for Indian citizens launched by the government as well as other public sector financial institutions. These saving schemes were introduced as an incentive to cultivate healthy saving and investing habits in India. This is also a way to increase the inflow of money into the Indian economy. In earlier times Indians used to keep their money with themselves and this caused poor circulation as well as the stagnation of wealth. By means of saving schemes, which are backed by the government, Indian citizens can allow their wealth to appreciate at higher interest rates and reap benefits such as tax exemption that certain savings schemes offer.
- Unit Linked Insurance Plan (ULIP)
- Equity Linked Savings Scheme (ELSS)
- Post Office Monthly Income Scheme (POMIS)
- Fixed Deposits (FD)
- Kisan Vikas Patra (KVP)
- Senior Citizens Saving Scheme (SCSS)
- NPS (National Pension Scheme)
- Pradhan Mantri Jan Dhan Yojana
- Deposit Scheme for Retiring Government Employees
- Employees Provident Fund (EPF)