Saving is a wise decision that becomes mandatory especially in these times of growing inflation. But, don’t be disheartened if you are unable to save in a big way. You can always build wealth and grow your corpus with small regular savings. There are specific savings schemes like PPF investment, short term or long term FD, NSC etc.for small amounts which allows you to better manage your finances.



Fixed Deposit

This is a low-risk, low-maintenance saving option which offers assured return on investment. When you book deposit with leading NBFCs you can earn higher interest income with interest rate starting from 8.75% onward. You can earn top up rate of 0.25% upon renewal. While, senior citizens can enjoy additional rate of 0.35% on the base rate and make appreciable interest income on a minimum amount of Rs. 25,000 onward for a lock-in period of 12 to 60 months. You can choose short term or long term FD as per your needs from Banks or Top NBFCs.

National Savings Certificate (NSC)

This is a fixed income saving scheme that can be opened with any post office. It is basically an initiative of the Government of India that encourages small to mid-income investors to invest. The scheme serves dual purpose as it allows investors to invest while saving on Income Tax. Like fixed deposit, this is a highly secure and low-risk saving instrument. It can be booked mainly for two types of maturity periods - 5 years and 10 years. Investment up to Rs. 1.5 lakhs in the scheme can get tax exemption under Section 80C of the Income Tax Act. While, NSC can be booked on an interest rate of 7.6% per annum and is compounded annually.