Top 5 Saving Schemes Provided By Indian Banks

Indian banks have risen to the occasion and are now coming out with a number of lucrative saving schemes. Investment is an essential by product of earning since without it the erosion in earnings will be paramount. Hence, investors are always on the lookout for some low risk saving plans.

There are many lucrative saving plans which are being offered. Each plan has a pro and a con and is designed keeping in mind a certain target audience. Hence, investors should check what suits them best. Some of the Top saving investment plans in India today are:

SIB Tax Gain Deposit:

It requires a minimum of only Rs. 100/- and a maximum of Rs. 1,50,000/-. Investments are eligible for deduction u/s 80 C and rate of interest is 8.75% for general and NRO and 9.25% for senior citizens. Minimum lock in is 5 Years.

Senior Citizens Savings Scheme:

It offers an option to senior citizens to earn interest earnings @ 9.2%. It is a government of India product which is being offered by ICICI Bank. It allows closure of account before term after expiry of 1 year. One may choose ICICI since the bank offers flexible solutions in the form of both cheque as well direct credit option being available for receipt of interest income.

Premium savings account- SBI:

It offers auto sweep facility at monthly intervals. Basically, a part of the money will be converted in to fixed term deposits and will also earn a higher rate of interest as opposed to the normal balance. The unutilised sums are easily available for planned withdrawals. The Term or short term deposits are available for 1-5 years.

Star diamond savings account:

Bank of India is offering this premium service savings option for people who can maintain an average quarterly balance of Rs. 1 Lakhs or above. The free services include Demand drafts home delivery, cheque books in personalised form, SMS/ATM/Phone/Internet banking as well as on demand statement of accounts.

Basic Savings Bank Account – Indian Bank:

The basic savings account has as primary attraction a very low minimum balance due of Rs. 250/- for customers not intending to use cheque operation. Even otherwise, it is Rs. 500/- with being further less for students and pension earners. Interest is provided in July and January with 50 withdrawals free each half year, ATM/Debit cards free of charge as well as no charges for making across state transactions.

The above are few among many good savings schemes and investors must apply prudence and check individual fitment through careful analysis before investing.

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