Everything You Need to Know about Savings Scheme

What Is a Saving Scheme?

Why Should You Invest in Savings Schemes?

How Can You Select the Right Savings Scheme?

FAQs about Savings Scheme

What are the benefits of saving early?

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On starting the savings earlier there will be longer time and higher potential for wealth creation. This way you can benefit from compound earnings.

What is the main objective behind saving money in different schemes?

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Depositing money in savings schemes allows you to have adequate funds in case you meet any financial emergencies. This provides you a sense of security and peace of mind. Furthermore, investing money in savings also helps in wealth creation.

Which savings scheme gives the highest returns?

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Savings schemes which provide the highest returns include National Savings Certificate, Recurring Deposits, Public Provident Fund, Kisan Vikas Patra, Sukanya Samriddhi Yojana, and many more.

Can a life insurance policy be considered a savings plan too?

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Yes, it depends on the type! A pure term insurance plan is for protection only, with no returns if you survive the policy term. But there are life insurance products like endowment plans or ULIP plans that mix savings with life cover. They offer a maturity benefit along with life insurance coverage.

Does health insurance offer financial security like a savings plan?

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Health insurance does not function as a savings plan, but it provides financial security by protecting your savings from unexpected medical expenses. Unlike traditional savings schemes such as PPF or FD, health insurance does not accumulate wealth over time. However, it ensures that hospital bills, treatments, and other healthcare costs don’t deplete your hard-earned savings.

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