Why Is Saving Money for the Future Important? and Detailed Comparison of Top Saving Schemes in India · Content Duplication Tool

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10 Best Saving Plans and Schemes for a Secure Future

Senior Citizen Savings Scheme: It is an excellent tax-saving investment plan. It offers its investors very high safety, regular income. This savings scheme is available through post offices and verified banks across India. It is for senior citizens aged at least 60 years, although individuals between 55 to 60 can also invest if they have chosen the Voluntary Retirement Scheme or Superannuation. The investment should be made within a month after receiving the retirement benefits. There's also an option for investment for retired defence personnel aged 50 or above. In SCSS , tax deduction up to ₹ 1,50,000 can be claimed as per Section 80C of the Indian Income Tax Act. It is one of the safest and most reliable schemes, as it is under the sponsorship of the Indian government.

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Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future:

Senior Citizens Savings Scheme (SCSS) : SCSS is formulated for senior citizens aged between 55 years and 60 years with early retirement. They can opt for the scheme within one month from the receipt of their retirement benefits. SCSS permits only one deposit. The least investment is Rs.1,000, and the utmost is Rs.15 lakh. The term of the scheme is five years and can be prolonged for another three years. It comes with an interest of 7.4% per annum. The interest is delivered quarterly in a savings account sustained with the same post office. The investment in SCSS qualifies for deduction under Section 80C up to a maximum of Rs.1.5 lakh. The interest obtained yearly is taxable. But, the senior citizens can allege a deduction of up to Rs.50,000 under Section 80 TTB.

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10 Best Saving Plans and Schemes for a Secure Future

Here are 10 Saving Schemes and Plans where you can Invest for a Secure Future: