A savings scheme is a financial product or service that helps individuals save and invest money for the long term. The goal of a savings scheme is to provide a regular stream of income or to grow the value of the savings over time. Some examples of savings schemes include bank fixed deposits, mutual funds, public provident fund (PPF), national pension system (NPS), and senior citizens savings scheme (SCSS). Savings schemes can be offered by banks, financial institutions, and the government. It's important to carefully consider your financial goals and risk tolerance before choosing a savings scheme, and you may want to consult a financial advisor for personalized guidance.


Here are 10 saving schemes that you might consider in 2023:

  1. Public Provident Fund (PPF): This is a long-term savings scheme with a lock-in period of 15 years, offered by the government of India. It offers a fixed rate of return and is tax-exempt.
  2. National Savings Certificate (NSC): This is a fixed-income investment scheme offered by the government of India. It has a 5-year maturity period and offers a fixed rate of return.
  3. Senior Citizens Savings Scheme (SCSS): This is a savings scheme specifically for senior citizens, with a maximum age limit of 60 years. It offers a fixed rate of return and has a 5-year lock-in period.
  4. Bank Fixed Deposits (FD): These are offered by banks and offer a fixed rate of return for a fixed period of time. They are a safe and secure investment option with a moderate rate of return.
  5. Mutual Funds: These are investment vehicles that pool together the money of several investors and invest it in a variety of financial instruments such as stocks, bonds, and money market instruments. They offer the potential for higher returns but also carry a higher level of risk.
  6. National Pension System (NPS): This is a pension scheme offered by the government of India. It offers a variety of investment options and the opportunity to create a regular stream of income during retirement.
  7. Life Insurance: Life insurance policies not only provide financial protection for your loved ones in the event of your untimely demise, but they also offer savings and investment components.
  8. Equity-Linked Savings Scheme (ELSS): These are mutual funds that invest in equities and have a lock-in period of 3 years. They offer the potential for higher returns and also provide tax benefits under Section 80C of the Income Tax Act.
  9. Sukanya Samriddhi Yojana: This is a saving scheme specifically for the girl child, with a maximum age limit of 10 years. It offers a fixed rate of return and has a 21-year lock-in period.
  10. Unit Linked Insurance Plan (ULIP): These are insurance policies that combine insurance coverage with investment in mutual funds. They offer the opportunity to create wealth over the long term, but also carry a higher level of risk compared to traditional insurance policies.


It's important to carefully consider your financial goals and risk tolerance before choosing a savings scheme. You may also want to consult a financial advisor for personalized guidance.