Everyone is looking to grow their wealth through various savings schemes. If you too want to make some smart investments, it is important to look at various options and check their pros and cons.
- National Savings Certificate: National Savings Schemes
are savings instruments, operated via authorised financial institutions
and other entities. The schemes are backed by the government.
- Fd account: An investment scheme offered by financial
institutes; FD offer higher interest rate on the principal invested for a fixed
tenure.
- Recurring Deposit: A special kind of term
deposit, recurring deposit helps customers with regular incomes to deposit
a fixed amount every month and earn interest at a fixed rate.
- Public Provident Fund: Public Provident Fund:
Offered for a long tenure of 15 years, in Public Provident Fund the impact
of compounding of tax-free interest is huge, especially in the later years
- Stock: Equity might not be the investment option or
all, but it offers one of the highest returns. It is a high-risk
investment, as it is not only difficult to pick the right stock but
various other market-driven conditions that may impact your
investment.
Conclusion
While some saving schemes are income-based, some are market-driven and
have a role to play in the process of wealth creation.
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