Money Saving Plans
Bank Fixed Deposits
Feb 13th
A Bank Fixed Deposit scheme is offered by most banks to those who have money they wish to deposit. The period is usually fixed anywhere from 15 days to 5 years. On maturity, the depositor gets a fixed amount (Principal + interest). Bank fixed deposits are generally safe because they come under the jurisdiction of the Reserve Bank. Fixed Deposits attract a higher interest than savings bank account. Within certain guidelines, banks are free to offer different rates based on various time periods. Senior citizens are generally offered about 0.5% to 1% more. The deposit amounts can vary from Rs. More >
Public Provident Fund
Feb 9th
Savings are very important as a source of funds for development expenditure. They are very critical to the health of an economy. The Government of India has many savings schemes for all brackets of society. The salient features of the Government Savings Schemes are: Risk free investment, higher interest rates, nomination facility etc. The principal aim of small savings is to use the money generated for development schemes of the state. These savings schemes are very popular among the common people as they provide higher returns and low risk. The Post Office Savings schemes are some of the most popular More >
Credit Cards
Feb 5th
In an effort to make life a bit easier, the introduction of Credit Cards by financial institutions have been a great help to those who believe in ‘plastic money’. It is prudent to select the type of Credit card that best suits one’s individual needs. Some points to note regarding Standard Credit Cards are: You are allowed a maximum credit limit (based on conditions laid by the Card company) and your financial strength. This credit indicates how much money you can use for making purchases or for withdrawing or transferring cash (if allowed). For cardholders who go over the limits, More >