With persistently changing financial market scenario and rising number of banks, financial institutions, and online capital that give ample opportunities for savings, many people in India are not capable to decide the correct place to save their surpluses to gather future financial obligations. Hence, people are seeking suggestion on the most appropriate and workable saving methods from the frequent schemes finished available by the banks, so as to manage their personal finances in an improved way.
Following are some greatest places to keep money in India. These avenues provide definite returns, better interest rates, financial security, tax savings under different sections of Income Tax Act and other profit that can help you save capital. Follow Free Stock Trading Tips and get profitable information.
Fixed deposit
Fixed deposit or term deposit is the main common process of investing capital. It is appropriate for someone who has a lump sum and wants to invest in a single deposit for a definite period of time. Interest rates of these deposits depend on the tenure of the investment. Longer the tenure, better the interest rate. Premature and partial withdrawals are accessible, but with a penalty, which varies from bank to bank.
Post office savings
The post office savings scheme is accessible by the Department of Posts in India. It is the oldest banking service institution in India. It operates on behalf of Ministry of Finance and Government of India. Currently, there are more than twenty crores post office savings accounts and these are being operated in more than one lakh post offices crossways the country.
Systematic investment plan
The systematic investment plan is one of the accepted methods of investing money in India. It allows an ordinary investor to invest in mutual funds by buying units of mutual fund system.
