Reliable Saving Schemes For Your Family

With unpredictability ruling our lives it is imperative to have a low-risk, high-return investment plan for your family and for yourself. Nowadays savings account can be booked and operated digitally so you can maintain and track them in no time. Now you can choose the best saving plan for child according to your requirements. Here are few suggestions of reliable savings schemes for you to consider.

Fixed Deposit

Fixed deposit lets you park a lump sum in your account and earn appreciable income on your savings. The interest income depends on the rate of interest offered by the lender. Therefore, opt for lenders like leading NBFCs which offer higher rate of interest starting from 8.40% to maximize your earnings. As a senior citizen you can enjoy top-up interest of 0.35% on the base rate and upon renewal the additional interest received is 0.25%. The deposit can be booked online with minimum documentation with a starting amount of just Rs.25,000 and it lets you accumulate wealth and grow your corpus overtime.

Post Office Scheme

It lets you make an initial deposit in cash. You can nominate your family member in your account. The nominee can operate the account in your absence and be entitled to collect the savings in case of the depositor’s death or mishap. The account can be shifted from one location to the other for your convenience. The account can be booked for an individual or as a joint holder. You can withdraw the savings from any ATM using the debit card provided by the post office.

For more saving plan Read: 5 Best Saving Plans for Your Loved Ones in India