We all want to have a secure future for and for our family. When we start a new job we often think of selecting the best monthly saving scheme. That is why we want to choose carefully the best monthly saving scheme available amongst many monthly saving schemes.
By selecting the best monthly scheme you invest and manage your finances smartly and secure yourself a less burdened future. But to select the best monthly saving scheme can be a little tricky nowadays.
If you want a monthly saving scheme that provides you best option with higher profit and security, we made it easy for you. In this article we will give you a little brief over the best monthly saving schemes available in the market and how can you choose the best monthly saving scheme suitable for yourself.
Monthly Saving Scheme: Importance
Having the Best Monthly saving scheme should is an important decision of our life. If you are working in a corporate sector or are too busy, you need to have a backup plan to keep yourself safe from the uncertainty of life and also your job. Here are some reasons for you to know why having a monthly saving scheme is important.
- Loosen your Financial Burdens: We all know that nothing goes according to plan in life; with the help of the best monthly saving scheme you can feel a sense of security. You need not worry about sudden financial burdens that can shake your life.
- Safe and Secure future: Nobody wants to struggle in the future, especially those people who think that they have everything under control. Having a monthly saving scheme can give you hope for a better future. It can provide you stability. At the right time you can buy yourself a house or an apartment.
- Safeguard Children’s Education: Education is the foundation of the young generation; everyone wants their kids to go to the best schools and have the best facilities. You can secure the future of your children with the best monthly savings schemes.
- Good returns in a shorter period: It is important to know what you want. When we hear about monthly saving plans, few of us find the process too lengthy to bear fruit but you do not have to worry about it as you can always go for a monthly saving scheme that can give you returns in a shorter period.
- Small savings can help you greatly: There is a saying that goes-“Drops of water may fill the ocean” similarly by saving a small amount every month, you can save a big amount for later use for your long-term goals.
Monthly Saving Scheme Benefits
Everyone knows that money is important but they do not heed the obvious fact. We all know that money should be saved to have a secure future. But are we willing to listen to our logic and opt for the best monthly saving schemes available in India for ourselves?
Compounding is also known as the 8th wonder of the world. It depends on the life span of your saving account. With the passage of time, you get additional interest benefits on your existing interest benefits.
No need to wait for a good time for investment
Many people wait for the right time to invest in the financial market but with the help of monthly saving schemes, you can balance the ups and downs of financial investments.
No excuses with disciplined saving
With the help of a monthly saving scheme, you will be able to save a definite amount of money without any excuses. It can help you manage your monthly budget wisely and cut down on wasteful spending.
A helpful tool in a financial emergency
There are times when things happen that are out of our control. From an uncertain job loss to a sudden medical emergency or times when you wanted to help someone in your family but you could not due to financial strain. That is when the best monthly saving plan comes in handy. You can use the saved money to lighten the financial burden at times like these.
Not only medical emergencies but you can also save yourself from falling into debt or asking for monetary help. During the covid-19 pandemic, many people lost their jobs uncertainly. Having a Monthly saving scheme is a need of hours.
Helpful in pursuing your dreams
If you are tired of your job and want to do something for a long time but did not have courage these whole years. After seeing your lifetime saving, you get the courage to pursue your dreams without any hesitation. Having a monthly saving scheme can help you or your loved ones in pursuing their dreams.
Financial Security for a long term
India is a country where people put their job and financial security at the top. But in the capitalistic economy security can be equal to financial security. We want after retirement financial security, emergency health financial security, a sudden job loss security. There are many aspects of life where we need extra monetary sources to get out of a dire situation.
The best monthly saving scheme in India can provide you a sense of stability. You know that you do not have to rush for help in uncertain circumstances. You can get this sense of security after putting a small amount of your salary in the best monthly saving scheme.
Best Monthly Saving Schemes options available in India
Here are the best monthly saving schemes available in India.
1. Mutual Funds
Mutual funds include an investment pool. This pool of investment can be managed by a professional management company. If you invest in a mutual fund, you get a return on your monetary investment.
It is the responsibility of the professional management company or a fund manager to invest such capital in various stocks, bonds, and other market assets to gain possible potential returns. The profit is shared by the investors in proportion to their fund contribution.
Why is investing in mutual funds the best monthly saving scheme option in India?
- Professional experts: While investing in mutual funds you get the help of a professional in terms of your investment. As you know that if you want to invest in a financial market, you need experience and skills. You have to know the field to know where you can take less risk and gain much profit.
- High Returns: You can earn much more money in mutual funds than in any traditional investment scheme. Additionally, you do not have to pay taxes on returns.
- Multiple options to invest in You can invest in the various financial market with the help of Mutual Funds. There is security in this option because you save yourself from any potential loss if the market crashes. It is the best monthly saving scheme in terms of returns.
2. Atal Pension Scheme
It is one of the best monthly saving schemes in India. It comes under social security scheme. It is a reliable monthly saving scheme as it is launched by the Indian Government. It assures minimum pension to you after you turn 60.
It is a simple Monthly saving scheme. You can open a saving account under the scheme in almost all major Indian banks. Under this Monthly saving scheme, you can contribute till the age of 60 and get a pension of your choice.
Why is Atal Pension scheme your best monthly saving scheme in India?
- Death Benefits under Atal pension Scheme transfers the pension benefits to your partner. In case of an untimely death before 60, the partner of the scheme holder can continue the Atal Pension Scheme.
- With the help of the Atal Pension Scheme, you get retirement benefits. The pension amount is decided by the scheme holder. This can be INR. 1,000, to INR 5,000.
3. Pradhan Mantri Jan Dhan Scheme
This Best Monthly saving scheme in India targets mainly farmers and people living in rural areas. It provides many financial services like deposits, remittances, etc.
It provides an overdraft facility of around INR 5,000. Additionally, you get insurance on accidents up to INR 1,000,00.
Why is the Pradhan Mantri Jan Dhan Scheme is your best monthly saving scheme in India?
- On the deposits made in Jan Dhan’s saving Account, you get the benefit of a reasonable interest rate.
- No need to maintain a minimum amount in the saving account.
- Pension and Insurance are available for the people interested.
4. Public Provident Fund
If you are self-employed or work on a salary basis then this is the Best Monthly saving Scheme in India available for you. This monthly saving scheme in India provides a tax exemption on returns. This public provident fund service is provided by the Indian Government for people to have a stable and secure saving option.
Why Public Provident Fund Scheme is your best monthly saving scheme in India?
- This scheme is government-sponsored and completely risk-free.
- You become eligible for a short-term loan.
- You can extend the validity of your PPF account every 5 years and use it as an investment tool for and after retirement.
- You get the compounding benefit that is interest on interest on a PPF account.
5. Jeevan Jyoti Bima
Jeevan Jyoti bima is a life insurance scheme offered by the government of India. The annual premium is available at only INR 330 per year.
Why is Jeevan Jyoti Bima Scheme the best monthly savings scheme in India?
- Like other government monthly saving schemes, Jeevan Jyoti bima provides Death benefits to the nominee.
- The Jeevan Jyoti Bima provides risk coverage to the scheme holder. This scheme can be renewed annually and the risk coverage is offered as a part of the Scheme.
- This life insurance scheme can be extended up to 55 years by the scheme holder.
- The premium amount is very low as it asks only for INR 330 per year but in case of untimely death during the scheme period, the nominee can get INR 2 lakh.
It is best to have a backup plan for the future. The monthly saving plans in India can help you to save money with ease. With the help of a savings account, you can secure your future and sail through any financial emergency.
It is best to start saving as soon as you start earning because at the end of the day any monthly savings plan scheme will benefit you and fulfill your demands.
We hope that you realize that saving money and having a monthly savings plan is not a bad idea after all.
Best Monthly Saving Scheme – FAQs
Q1. Are Monthly saving schemes worthy?
Any scheme that helps you to save your money is worth it. It can help you to manage your budget for the future and provide you with stability.
Q2. What is a Mutual Fund?
A mutual fund is an investment tool where you can invest your money. Your money is handled and invested by professionals in many financial markets. It is one of the best monthly saving schemes where you get higher returns.
Q3. Are there any Monthly Savings schemes available in India by the Indian Government?
Yes, there are many initiatives taken by the Indian Government to help people. Indian government provides many monthly saving plans which are risk-free and provide you a secure future. Some of them are PPF, Atal Pension Scheme, and Pradhan Mantri Jan Dhan Yojana.
Q4. What is compounding?
Compounding is an additional benefit that you receive on the existing Monthly saving account plus interest.
Q5. What are the benefits of Monthly savings schemes?
The main benefit of the Monthly Saving scheme is having Financial Flexibility. In case of a financial emergency, you can use the saved money.
Q6. Who provides the Public Provident Fund services?
The Indian Government provides the Public provident Fund Services to Indian citizens who work based on salary or are self-employed.
Q7. Is it true that I can get higher returns with mutual funds?
Yes, you indeed get higher returns if you invest in mutual funds but it is also a risky option as sometimes you also face losses.