Saving schemes are instruments that help individuals achieve their financial goals over a particular period. These schemes are launched by the Government of India, public/private sector banks, and financial institutions. The government or banks decide the interest rate for these schemes and are periodically updated. You can use the savings you make through these schemes for emergencies, retirement, higher education, children’s education, marriage, at the time of job loss, to reduce debts and more.
Saving Schemes
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What are saving schemes?
Benefits of Saving Schemes
- Self reliance
- Tax Savings
- Flexible plans
- Reach your financial goals
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Benefits Of Saving Schemes
- Tax Savings: Many saving schemes offer one or the other kind of tax benefits—may it be tax deductions, exemption, or both. Some schemes qualify for a tax deduction on investment of up to Rs.1.5 lakh under Section 80C of the Income Tax Act. Another set of schemes offer an exemption on the investment, interest accrued, and the maturity amount.
- Avoid Unwanted Expenses: When you have all the money at hand, you may end up spending it on unwanted items. On the other hand, investing the surplus that remains after meeting the necessary expenses in a suitable saving scheme will help avoid expenditure on unnecessary goods and services.
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Asset allocation stabilities your risk and reward by allocating your assets
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Financial instrument that holds some type of monetary value
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Saving Schemes
Saving schemes are important for individuals of a country and, in turn, for an economy because of the following reasons:
- Safety: Depositing your hard-earned excess money in saving schemes will help secure it for your future needs. Holding on to liquid money may not be safe.
- Retirement Funds: Periodically, depositing money in long-term saving schemes can help you build a retirement corpus. When you start saving from a young age, it will reward you with a huge corpus that can be used after your retirement and let you lead a comfortable life.
- Long-Term Benefits: Since most of the schemes make use of compound interest concept for interest calculation, long-term investment can fetch you unbelievable returns. The minimum lock-in period of these schemes is five years, and the maximum can go until you reach the age of 60 years. The compounding of returns, coupled with long-term savings, will earn you interest on interest and end up as a huge amount on maturity.
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We at , GK MF Invest Private Limited serves the people ,with their desired products.
New Delhi , India
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New Delhi,India