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Build Guaranteed Savings for Your Future Goals

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Conclusion

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

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Fixed Returns, Zero Risks & Worries

4 Plan Options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Fixed Returns, Zero Risks & Worries

4 Plan Options Life cover + Guaranteed benefits Accidental death benefit Premium protection cover

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Save, Dream, Plan. Live Peacefully

Guaranteed Maturity Benefit Tax Benefits

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Save, Dream, Plan. Live Peacefully

Guaranteed Maturity Benefit Tax Benefits

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Popular Searches

National Savings Certificate Tax Saving Plans Senior Citizen Savings Scheme Calculator NPS and PPF Savings & Investment Plans Saving Schemes Save Money For Salaried Professionals One time Investment Plan for Child

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Popular Searches

National Savings Certificate Tax Saving Plans Senior Citizen Savings Scheme Calculator NPS and PPF Savings & Investment Plans Saving Schemes Save Money For Salaried Professionals One time Investment Plan for Child

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Popular Searches

Investment Options for an NRI All About PPF Sum Assured Policy Surrender Value Guaranteed Savings Plan

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Popular Searches

Investment Options for an NRI All About PPF Sum Assured Policy Surrender Value Guaranteed Savings Plan

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Savings and Investment Plans from Canara HSBC Life Insurance

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Savings and Investment Plans from Canara HSBC Life Insurance

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

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Popular Searches

Senior Citizen Saving Scheme Post Office Savings Scheme What is Sum Assured? Money Saving Tips Saving Plans for Child Endowment Policy iSelect Guaranteed Future Plus Plan

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Popular Searches

Senior Citizen Saving Scheme Post Office Savings Scheme What is Sum Assured? Money Saving Tips Saving Plans for Child Endowment Policy iSelect Guaranteed Future Plus Plan

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Popular Savings Plans

National Saving Certificate (NSC) : Similar to the personal provident fund, the national saving certificate (NSC) is a government-backed savings plan that offers guaranteed returns, along with tax savings up to Rs. 1,50,000 under section 80C of the Act. However, the interest earned on the national saving certificate is taxable. The interest rates do not change during its tenure once the investment is made. The minimum investment amount is Rs. 500, while there isn’t a cap on the maximum limit. At present, NSC offers an interest rate of 7.9 percent.

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10 Best Saving Plans and Schemes for a Secure Future

National Savings Certificate (NSC): It is a fixed-income savings plan that can be opened with any post office in India. National Saving Certificate is an initiative of India's government to encourage investors mainly from small or mid-income categories to invest their money while saving on income tax. It is a low-risk investment and gives fixed returns. The minimum age requirement for a money investor is 18 years. For minors, a joint account can be opened with an adult. One main advantage is that there is no limit on the maximum number of NSCs that one can purchase. An investment up to Rs. 1,50,000 annually in this plan can earn a tax break, as per Section 80C of the Income Tax Act. The investor can even nominate a family member for the savings plan, even if the family member is minor. The NSC savings plan is free to open by anyone except Hindu Undivided Families (HUFs), trusts, and non-resident Indians.

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Popular Savings Plans

Recurring Deposit (RD) : RDs are term deposits offered by banks, and are ideal for customers who can deposit amounts regularly, and expect huge returns at the time of maturity. Furthermore, customers can opt for the term period that fits their investment horizon, along with the amount they plan to deposit every month. The minimum amount to start a recurring deposit in a bank is Rs. 500, while the minimum amount to start an RD in a post office is just Rs. 10. While the interest earned on bank recurring deposits differ from one bank to the other and also according to the market volatility, post office RDs have a fixed ROI, and the interest is compounded every quarter.

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10 Best Saving Plans and Schemes for a Secure Future

Recurring Deposits: It is a term deposit offered by banks. This money-saving plan requires regular deposits and upon maturity, generates substantial returns. Individuals have the freedom to choose the period, the amount, and the number of monthly deposits as per their convenience. It is one of the savings plans where mid-term and premature withdrawals are not allowed, and if anyone requires an early withdrawal, the bank may charge a penalty. It offers high interest rates for senior citizens and also be used as collateral for taking loans. The main drawback is that the monthly amount you decide on cannot be changed, and thus, you need to have a steady income source to opt for their savings plan.

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Need for an Investment Plan

Having a good savings plan is crucial for securing a healthy financial life. Furthermore, a savings plan needn’t be difficult. One has to just be committed to the cause to secure their future. All of us want to accumulate wealth to protect ourselves and our family members, and ensure a comfortable life, and one of the popular ways to build wealth is through investments. Apart from that, the government, banks and other financial institutions offer various saving schemes, in order to encourage customers to invest, and earn higher returns. Here are some of the most popular savings plans, and how much money you would need to begin your investment journey.

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10 Best Saving Plans and Schemes for a Secure Future

Choosing the best money-saving plan is essential. One should look for a plan that offers maximum returns with minimum risks. Only after proper analysis and research, you should finalize a money-saving plan . Here are some savings schemes offered by the government, financial companies, and banks that encourage investors to invest more and earn high returns.

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Popular Savings Plans

Personal Provident Fund (PPF) : One of the most popular and risk-averse investment options in the country is the personal provident fund. One can open a PPF account either at a post office or a bank, and the money is invested for 15 years, which can then be extended further by 5 years. The minimum annual investment to open a PPF account is Rs. 500, while the maximum annual investment is Rs. 1,50,000. PPFs also have a lock-in period of 5 years, and can earn a compound interest at 7.10 percent per annum.

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10 Best Saving Plans and Schemes for a Secure Future

Public Provident Fund: It is the safest and most popular government-backed savings option in India. The PPF benefits are payable in lump sum form or up to 12 instalments per financial year. It is a flexible savings option as one can also transfer the PPF account from one post office or bank to another.