Most Important Saving Schemes in India – 2022

Saving Schemes

In this article, we are providing the complete information on Saving Schemes in India like Public Provident Fund, Employee’s Provident Fund, National Pension System, Senior Citizen’s Savings Scheme, National Savings Certificate, Post Office Savings Scheme, Pradhan Mantri Vaya Vandana Yojana, Pradhan Mantri Jan Dhan Yojana, etc.

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In India, the term saving is quite popular in the society of all the sections. Most of the people in country gives importance to saving their earnings in young age to realize their dreams and aspirations in the future.

List of Saving Schemes – 2022

Public Provident Fund National Savings Certificate
Employee’s Provident FundPost Office Savings Scheme
National Pension SystemPradhan Mantri Vaya Vandana Yojana
Senior Citizen’s Savings SchemePradhan Mantri Jan Dhan Yojana

About Saving Schemes in India

The word ‘saving’ differs from ‘Savings’, as former refers to act of not consuming one’s asset and later refers to either the multiple opportunities that are applied to reduce expenditure or an individual’s asset in form of cash.

Saving is the portion of income that not spent on current expenditures. In other words, it is money set a side for future use and not to spent immediately. Whereas the term savings refer to do something which exists at any one time be a stock variable. The difference between the saving and savings are often misunderstood, with common man and even investment professionals often refer to the saving as savings.

The saving schemes comes in handy to meet in emergencies. The concept of saving schemes was introduced in India to encourage the habbit of investing some amount for achieving long term financial goals like –

  • Higher education of children
  • Marraige of girl child
  • Building/Purchase a House
  • Buying a car and so on.

The investment in saving schemes are ideal for building a long term wealth creation. They will come up with certain lock-in period and get good returns in future.

What is a Saving Scheme?

A Saving Scheme is a tool or an instrument that which helps an individual to achieve the financial goals of his/her over a particular period. These Schemes are introduced to general public by government of India, banks (both public and private sectors) and financial institutions. The interest rates for these schemes will be decided by government of India or by the banks which rolls out these schemes and are subject to the periodical changes.

Importance of Investing in Saving Schemes

The Saving Schemes act as bridge between citizens of the country and economy of the country. As Money saved by individuals will be used for the economic activities. It acts as the way to increase inflow of money into the Indian economy. During earlier times people in the India used to save money with themselves at the home and this resulted in poor circulation of the money in economy, leading to the stagnation of wealth. The poor remained poor and wealthier continued to become richer.

The motive of introducing the saving scheme was to allow wealth of Indian Citizens to appreciate or to grow at higher interest rates.

Reasons for Investing in Saving Schemes:

Long – Term Benefits

Most of the Schemes are long tenure. On investing for the long term one can fetch a big returns in their hand. Minimum the lock-in period for these schemes are to be set at 5 years and maximum will go up till investor turns 60 years. Here the compounding of returns to be added with long-term saving, that will fetch you interest on interest. On maturity your earning will be in huge lump sum amount.


The saving Schemes is safest place to put your hard-earned money. This will help you to meet your future needs.

Tax Savings

Most of the saving schemes comes with tax benefit offers like tax deductions, exemptions and sometimes both.

Retirement Funds

If an individual start to saving from his/her young age, then it will reward you with the huge corpus which can be used after the retirement and will lead a comfortable life without any doubt.

Shun Unwanted Expenses

By investing in the Saving Schemes, One can shun the unwanted expenses which you may end up spending on them. On other hand, investing in surplus amount in the saving schemes will remain, after meeting all necessary expenses will fetch you the decent return.

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