SAVINGS
Bank Savings
1. Bank Fixed Deposits, [Term Deposit] In a Fixed Deposit Saving Scheme a certain sum of money is deposited in the bank for a specified time period with a fixed rate of interest.When you want to invest your hard earned money for a longer period of time and get a regular income, Fixed Deposit Scheme is ideal. It is SAFE, LIQUID and FETCHES HIGH RETURNS.Loan / Overdraft facility is available against bank fixed deposits. Now many banks don’t charges for premature withdrawal.
2. Recurring Deposits
Under a Recurring Bank Deposit Saving Scheme, investor invests a specific amount in a bank on a monthly basis for a fixed rate of return. The deposit has a fixed tenure, at the end of which you get your principal sum as well as the interest earned during that period.Recurring Deposit provides you the element of compulsion to save at high rates of interest applicable to Term Deposits alongwith liquidity to access that savings any time.
Government Tax Savings
RBI Bonds, or RBI Relief Bonds
RBI Bonds are tax saving bonds that have a special provision that allows the investor to save on tax. These Bonds are instruments that are issued by the RBI.The interest is compounded half-yearly. Maturity period of RBI Bonds is five years, and interest received is tax-free in the hands of the investor.
Post Office Savings
Post office time deposits,post office recurring deposits,post office monthly income schme,National savings certificates,National savings scheme,kisan vikas patra,public provident funds.
1. Infrastructure Bonds,
Infrastructure bonds are available through issues of ICICI and IDBI, brought out in the name of ICICI Safety Bonds and IDBI Flexibonds. These provide tax-saving benefits under Section 88 of the Income Tax Act, 1961, for the investor. You can reduce your tax liability by upto Rs 16,000 per annum 2. Company Fixed Deposits Fixed deposits in companies that earn a fixed rate of return over a period of time are called Company Fixed Deposits. Financial institutions and Non-Banking Finance Companies (NBFCs) also accept such deposits.
3. Life Insurance:Life insurance saving schemes for government owned Life Insurance Corporation of
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