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Best Saving Plans in India for Salaried Professionals to Build Wealth Securely

 

Saving money is crucial for salaried professionals to achieve financial security and long-term wealth creation. Whether the goal is to build an emergency fund, plan for a major expense, or secure retirement, selecting the right saving plan is essential. Here are some of the best saving plans in India that offer stability, returns, and tax benefits.

Top Saving Plans for Salaried Professionals

  1. Public Provident Fund (PPF)

    • A government-backed scheme with a 15-year lock-in period.

    • Offers tax-free interest and benefits under Section 80C.

    • Provides compounded returns, making it a great long-term wealth-building tool.

  2. Employee Provident Fund (EPF) & Voluntary Provident Fund (VPF)

    • EPF is a mandatory retirement savings scheme where both employer and employee contribute.

    • VPF allows employees to contribute more voluntarily for higher savings.

    • Offers tax benefits and a stable interest rate, currently around 8.25%.

  3. National Pension System (NPS)

    • A retirement-focused investment plan with tax benefits under Section 80CCD.

    • Allows investment in equity, government bonds, and corporate debt.

    • Offers pension benefits post-retirement along with partial withdrawals.

  4. Fixed Deposits (FDs) & Recurring Deposits (RDs)

    • Low-risk options offering fixed returns over a chosen tenure.

    • Bank FDs can be tax-saving if locked for five years.

    • RDs help salaried individuals save systematically with monthly deposits.

  5. Equity-Linked Savings Scheme (ELSS)

    • A tax-saving mutual fund with a three-year lock-in period.

    • Provides market-linked returns, often higher than traditional savings.

    • Eligible for deductions under Section 80C.

  6. Sukanya Samriddhi Yojana (SSY)

    • Designed for parents of a girl child, offering a high interest rate.

    • Provides tax-free returns with maturity at 21 years of the child’s age.

  7. National Savings Certificate (NSC)

    • A low-risk, government-backed savings plan with a five-year tenure.

    • Interest is compounded annually and qualifies for tax benefits under Section 80C.

Choosing the Right Plan

Selecting the right saving plans depends on financial goals, risk tolerance, and liquidity needs. For long-term wealth creation, PPF and NPS are ideal, while FDs and NSC provide stability. ELSS suits those looking for higher returns with tax savings. Additionally, using the Bajaj Finserv App can simplify investment management, offering easy access to various savings options, tracking features, and expert insights. A well-balanced portfolio ensures financial security while maximising growth opportunities.

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