Saving Schemes are launched by the Government of India or public sector financial institutions or Banks. They vary in their interest rates, investment horizons and tax treatments. A saving schemes financially prepares us for unforeseen personal and medical emergencies. It helps you meet your personal aspirations and that of your family’s like - additional educational course to supplement your existing qualifications, child’s higher education and marriage, etc. For some, income from saving schemes also serves as an additional source of income. What’s more? It instils a disciplined habit for regular savings.

The advantage of saving schemes is that they are government backed, thereby, offering complete safety and security of your invested capital. Further, they are low on risk, but at the same time, provide good returns. The interest rates on saving schemes are usually revised every 3-6 months.

Types of saving schemes in India can be broadly categorised into 2 types based on their popularity, financial security and returns:

• National Savings Certificate (NSC)
• National Savings Scheme (NSS)

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