List of Best Saving Schemes in India

Different Types of Saving Schemes Available in India

FAQs about Saving Schemes

What is the lock-in period of the EPF scheme?

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The lock-in period for the EPF scheme is generally five years.

What factors should you consider before selecting the right scheme?

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You should consider the following factors while selecting the right scheme:

  • Rate of interest
  • Risks associated
  • Tax payable on returns
  • Minimum and maximum amount that you can invest

What are the advantages of investing in a savings scheme?

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Some of the advantages of depositing money in a savings scheme include earning interest on your investment, providing funds in case of sudden job loss, ensuring safety of your money, planning your financial goals, and so on.

Is life insurance considered a savings scheme in India or are they completely different things?

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Life insurance and savings schemes serve different purposes. A life insurance policy provides financial protection for your family in case of your untimely demise. Some life insurance policies, like endowment plans, also offer savings components with guaranteed returns, blending protection and savings.

Which is safer for my family’s future, investing only in savings schemes or buying term insurance?

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Savings schemes help you build wealth for planned goals, while term insurance plans offer your family a safety net if something happens to you. Combining both can be a balanced approach, ensuring both growth and protection for your family's future.

Disclaimer

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  • This is an informative article provided on 'as is' basis for awareness purpose only and not intended as a professional advice. The content of the article is derived from various open sources across the Internet. Digit Life Insurance is not promoting or recommending any aspect in the article or its correctness. Please verify the information and your requirement before taking any decisions.
  • All the figures reflected in the article are for illustrative purposes. The premium for Coverage that one buys depends on various factors including customer requirements, eligibility, age, demography, insurance provider, product, coverage amount, term and other factors
  • Tax Benefits, if applicable depend on the Tax Regime opted by the individual and the applicable tax provision. Please consult your Tax consultant before making any decision.

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