Saving Plans
In India, there are several types of savings plans that individuals can consider based on their financial goals and risk tolerance
PPF is a long-term savings scheme offered by the Indian government
It offers attractive interest rates and tax benefits under Section 80C of the Income Tax Act
The tenure is 15 years, and it can be extended in blocks of 5 years
Minimum contribution per year is required
EPF is a mandatory savings scheme for salaried employees in India
Both the employer and the employee contribute a portion of the employee's salary towards the EPF account
EPF offers tax benefits under Section 80C and interest is tax-free
NSC is a fixed income investment scheme
It has a tenure of 5 or 10 years with a fixed interest rate
Interest earned qualifies for tax exemption under Section 80C but is taxable annually
SSY is a savings scheme for the benefit of the girl child
It offers a higher interest rate than other small savings schemes
Contributions qualify for tax benefits under Section 80C
Mutual funds are investment vehicles that pool money from many investors to invest in stocks, bonds, or other assets
They offer various schemes (equity, debt, hybrid) with different risk profiles
Mutual funds are regulated by the Securities and Exchange Board of India (SEBI)
FDs are a popular choice for risk-averse investors
Banks offer fixed interest rates for fixed periods ranging from a few days to several years
Interest earned is taxable
ELSS are mutual funds that primarily invest in equity markets
They offer tax benefits under Section 80C with a lock-in period of 3 years
Returns are market-linked and vary based on market performance
Offered by India Post, these include schemes like Post Office Savings Account, Monthly Income Scheme (MIS), Senior Citizen Savings Scheme (SCSS), etc
These schemes have varying interest rates and lock-in periods
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