What are the Benefits of Saving Schemes And How to Choose The Best One?

Benefits of Saving Schemes in India

Steps to Choose the Best Saving Scheme

FAQs about Benefits of Saving Schemes

What is the duration of fixed deposit schemes?

The duration of fixed deposits usually ranges from seven days to ten years. You can select any tenure within this time period as per your convenience.

Do you have to pay taxes on your returns from savings schemes?

For some schemes, you will have to pay a certain percentage of tax to the government. These include schemes like Fixed Deposits, Equity-Linked Savings Scheme, Kisan Vikas Patra, Post Office Monthly Income Scheme, and so on. However, for some schemes, the returns are not taxable. These include schemes like Public Provident Fund, Atal Pension Yojana, Sukanya Samruddhi Yojana, and so on.

Which savings schemes give the best returns?

The savings schemes which offer the best returns are Unit Linked Insurance Plan, Public Provident Fund, Fixed Deposits, National Pension Scheme, Senior Citizen Savings Scheme, and so on.