Best Monthly Savings Scheme

Prepare yourself to get the best monthly savings scheme !!

          In this fast-growing world, the income that we get is easily dissolved when trying to fulfill our daily needs. Most of our parents would have insisted on “ SAVING” what we earn. We always cherish the memory of saving our pocket money in our own personal dumb box. Saving one rupee per day would give you a huge amount someday. The habit of saving what we earn will help you during any financial crisis.
          In 2021, where everything has changed from government to private, people started to invest in private firms that have more profit than the government with the same amount of risk factor. In this article, our main focus is to bring out the best saving scheme in both the private and government sectors.
Best Monthly Savings Scheme

Benefits of savings

  • It is a much factor to save your monthly income which helps in case of emergencies and to save some money for retirement.
  • Through saving regularly with your regular income you become financially strong and free.
  • By investing in the best monthly savings scheme helps you to prepare for retirement.
  • It handcuffs your hand from getting into debt.

National Savings Certificate(NSC)

           It is a fixed income saving plan which anyone can open in any post office located in India. It is nearly used by all people because you can start your savings plan with a minimum amount and it is a low-risk investment. The tax-saving factor is an added factor to the pros of this scheme. The starting age for an investor is 18 years and the tenure period is of two types: 5 years and 10 years.

Recurring Deposits

          This is the best monthly savings scheme which is offered by banks. The minimum amount required to start a bank RD is 500 rupees. The investment period differs from 7 days to 10 years according to an individual’s interest. There is no age limit for this, even a minor child can open an account under the guidance of a legal guardian or parent.

proficient way to
save money every month

Post-Office Monthly Income Scheme( MIS)

          In this savings plan, you invest a certain amount for which you will get the interest every month. The investor need not face any risk as it provides a stable income. You can start with a minimum amount and can reinvest again and again according to the profit you get. Since it gives you easy returns many people would say that it is the best monthly savings scheme.

Kisan Vikas Patra ( KVP)

           Just imagine the joy of getting double the amount of what you invest. You can find that now in Kisan Vikas Patra which is offered by the Indian Post Office. It was specially initiated for the farmers to encourage them. Since it is a government scheme, government identity proof is a mandatory one. It promises guaranteed income and market fluctuations have nothing to do with it.

Public Provident Fund ( PPF)

          It is a government-backed savings scheme and is considered the best monthly. The minimum investment amount for this scheme is 500 rupees and the maximum is 1.5 lakhs. Reports say that nearly 7.6 % income rate is received per year.

Atal Pension Yojana

          It is designed for the welfare of the weaker section. It is considered as a retirement plan which helps an individual who works in the unorganized sector. The age limit for investing in this starts from 18 to 40 years. The investor must hold an active savings bank account.

Employee Provident Fund( EPF)

          It was started by Employee Provident Fund Organization( EPFO) which is mandatory for every salaried individual. Through this scheme, an individual is able to face any financial problems. The highlight of this scheme is the employer and the employee contribute 12% of income every month. The interest of this account is credited on 1st April of every year.

Pradhan Mantri Jan Dhan Yojana

          It is one among the government schemes which need not have any bank account in India. The investors will get an amount of INR 30,000. The positive approach towards this scheme is that it is eligible for direct benefit transfer. There are no plans like Good and Bad. The profitability, risk level, and investment amount vary from one to another. You can choose your own best monthly income savings schemeFor a free consultation contact us @ Hunch Trading