Saving Scheme: These are special schemes for women to save money, there will be tax savings with excellent returns...
The government is making tireless efforts to empower women. Women often keep saving on everything. The habit of saving has always been encouraged in India. It is also important to save from your earnings. In India, women are preferring to be financially independent. If you are a working woman or have a job, then along with other responsibilities, you can also save money through various investment options. By continuously saving from now on, it will be very easy for you to create a big fund in the future so that you can fulfill your responsibilities and needs. Here we discuss some such saving schemes that are great for women also (Best saving schemes for women).
1. Mahila Samman Savings Card
This scheme of the Government of India has been introduced keeping in mind the saving schemes for women. You can invest money in this scheme also. In this scheme, you can invest a minimum of Rs 1000 to a maximum of Rs 2 lakh for two years. You will be offered a 7.5 percent annual interest rate in return. You can open your account under this scheme in the post office or bank. In this, interest is calculated every quarter and will be credited to the account and payment will be made at the time of account closure.
2. PPF
PPF i.e. Public Provident Fund is a scheme run by the government for employees. , It is an investment scheme with a lock-in period of 15 years. In this, you will also get the benefit of tax exemption under Section 80C of Income Tax. The interest rate on this scheme is decided by the government only. At present, a 7.1 percent annual interest rate is being offered on investing in PPF.
You can invest from Rs 500 to Rs 1.50 lakh annually in this investment scheme. Partial withdrawal can also be made after the completion of 5 years from the date of opening of the PPF account.
3. NPS
You already know that the National Pension System (NPS) is a market-linked savings scheme of the Government of India to help in accumulating wealth for retirement. Under the NPS scheme, an individual's savings are invested in a mixed portfolio, which includes equities, government bonds, liquid funds, corporate bonds, and fixed financial instruments.
Pension Fund Regulatory and Development Authority (PFRDA) controls NPS. According to ICICI Bank, this plan lets you choose your investment fund manager, fund option, annuity service provider, and annuity option. In this scheme, a minimum investment of Rs 6,000 has to be made in a financial year.
4. Mutual fund
Suppose, if you can take a medium to high risk, then investing in mutual funds is a great option. You can invest in equity, debt, or hybrid funds depending on your financial goals. If you are new to investing, you can start with a Systematic Investment Plan or SIP, which is economical and good for long-term investments.
If you are an aggressive investor and are willing to invest your money, you can also consider investing in Equity Linked Savings Scheme (ELSS). This saving scheme helps in wealth creation as well as saving tax under Section 80C of the Income Tax Act. Let us tell you here, that ELSS has a lock-in period of 3 years. If you are expecting good returns, it is best to invest in this scheme for a maximum of 5 to 7 years.
5. Life and health insurance
Everyone thinks that it is more important to keep their loved ones safe in their absence. This is why you should not shy away from buying a life insurance policy, especially when you have children or dependent members in the family. The earlier you buy the policy, the less you will have to pay in terms of premium rate. You can also get help from a financial advisor for a better insurance policy. You can also get tax exemption on life insurance premiums.
Similarly, health insurance is also important for you and your family members. Health insurance is very useful in any medical emergency. You do not have to worry about the financial cost of treatment. A health insurance policy will take care of your medical expenses, keeping your savings intact. If you invest in it, you also save tax.
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