There are quite a few saving options that one can avail in India and help their loved one’s grow and prosper. This is especially true for saving options for children so that they have a secure future and can have a secure life, even in the case of premature death of the parent. 
There are children’s schemes and pension schemes to be availed and there are Term Deposits and Fixed Deposits that can be opted for. When planned correctly, a sizeable amount can be saved for your loved ones.
Sukanya Samriddhi:
This is a scheme especially meant for the girl child and is one of the best Saving Plan for Child. In a usual middle class, or lower middle class family, the birth of a girl child is still subject to a lot of scrutiny and a lot goes into the planning of the future of the girl child. Parents first start worrying about the education and then the marriage of the child. This scheme can be availed from any bank and has a good return on investment.
Fixed Deposits:
It is always a good idea to have some fixed deposits in the name of your loved ones. FDs can be really made for long terms- for ten years or so and then they can be renewed again. Yes, the rate of interest might decrease a bit when the time for renewal comes, but FDs still promise a secure and safe return. The idea is to create an FD and then forget all about it so that when the time comes, a good amount would have been accumulated. There are both short term Fixed Deposits and long term fixed deposits and FD Interest Rates for Senior Citizens is .25% more than ordinary FDs.
Term Insurance:
There are many insurance providers who are providing good insurance schemes and not only will the policy holder benefit from it and the maturity of the policy, but even if he passes away during the tenure of the policy, the family members would get full benefit of it. Similarly, one can get the entire family covered under such policies and after a term of fifteen to twenty years, it could amount to a good amount of savings. The premiums should never be stopped to avail the full benefits of the schemes.
Post Office Schemes:
Post offices in India are another good place to save money and this can be done in one’s own name, making the family members nominees who will get the money in the event of a mishap, or the schemes can be availed in their names. Certificates like Kishan Vikas Patra and National Savings Schemes have always been popular among the average middle class Indians and although the interest rates have somewhat decreased over the years, it still continues to be a good savings option.
PPF:
PPF or Public Provident Fund is a good way of saving money for oneself and one can also start an account for the minor in the family. The reason why PPF still continues to be popular in spite of so many other types of policies in the market today is that the returns from the PPF is still completely tax free and the entire amount can be enjoyed by oneself.
It is better to opt for any kind of saving scheme based on one’s need and life goals, especially if there are particular milestones for which one is saving money. A little bit of research will go a long way to make a secure life. Based on these investments, one could also apply for a loan from banks and NBFCs like Bajaj Finserv.
The latter has various kinds of loan options like personal loans, home loan, business loans and a host of other financial products. This is one of the most hassle free ways of applying for loan.
