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High return saving schemes are ideal options to attain a financial goal or to save ample money for contingency or emergencies. If you invest wisely, you can get the maximum periodic returns from these investments. There are various types of high-yield saving schemes for investors on offer from the Indian Government, banks and NBFCs. These help you fulfil your financial aims by investing in the best saving options.

Knowing the details of various saving schemes will help you pick the ideal one for your fiscal planning.

Here are the top 6 high return saving schemes on offer by various banks and NBFCs.

  1. Personal Provident Fund – Personal Provident Fund or PPF is one of the most popular saving schemes in India. It is a Government funded scheme which offers a high rate of interest (currently at 8.0 % p.a.). PPF assures guaranteed high returns irrespective of financial turbulence.

Your PPF investment falls under tax exemptions as per Section 80C of the Income Tax Act. You can access and manage your account at numerous financial institutions and even at post offices. You can invest your money for 15 years, which can be extended for another 5 years. There is a lock-in period of 5 years. Minimum investment limit is Rs. 500 p.a. The maximum annual investable amount is Rs. 1.5 Lakh.

PPF is popularly availed for its guaranteed returns and tax benefits. At times of emergencies, you can also avail a loan against the funds in the PPF account. However, leading financial institutions provide advances in short notices and affordable EMIs that come with several attractive features and benefits.

                 2. National Saving Certificate – National Saving Certificate is another popular Government-backed savings scheme. It also falls under tax exemptions as per Section 80C. The interest rate is reviewed by the Government every quarter. However, your interest rate will be as per the prevailing rate when you get an NSC.

NSC is among the best saving options in India as it does not have a maximum limit on the investable amount. The minimum investment you can make Rs. 500.

                3.Fixed Deposits – Fixed deposits are a hassle-free savings option where you invest a certain amount of money with a financial institution and earn interest on it every year. You can invest a minimum of Rs. 25,000 in an FD and set your preferred tenor. There is also no lock-in period so that you can retrieve the money. Doing so will, however, invite minimal penalty charges.

Various financial institutions including NBFCs offer fixed deposit schemes. Companies like Bajaj Finserv even offer a lucrative 8.75% to 9.10% interest p.a. on their FD schemes.

                4.Mutual Funds – Mutual funds are the best saving options in India if you want to get high returns from equities and stocks. Such investment options are ideal for individuals who want to overcome the obvious risks to investing in stocks for high investment returns.

One of the best ways to invest in mutual funds is a systematic investment plan (SIP). You will make regular small investments to yield better returns over time while minimising the risks.

                 5.National Savings Time Deposit Scheme – The main feature of National Savings Time Deposit Scheme is no maximum limit on investment and variable investment periods like 1, 2, 3, and 5 years. Interest rates range from 6.8% to 7.6% and are calculated on a quarterly basis. However, you will receive the interest annually.

You can invest a minimum of Rs. 200 to a maximum of your preferred amount in this scheme.

                 6.National Savings MIP – The Monthly Income Plan is also considered as one of the best saving options in India for retired individuals. The interest rate is calculated at 7.5% per annum but is paid every month. One can invest a minimum amount of Rs. 1,500 to a maximum of Rs. 4.5 Lakh in this scheme. If you choose to make it a joint account, the upper limit is increased to Rs. 9 Lakh.

Investments are the smartest way to increase your wealth specially when you invest with these money saving tips. It provides a guarantee for the future with a minimum impact on your current financial liabilities. These are the best saving schemes in India to investments in and gain high returns.

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