Everyone wants to create wealth, it like a major dream of every individual. But is it that easy? In the current scenario, the most difficult thing is to decide where and when to invest money. Investing money is the most convenient option for wealth creation but is also the most difficult task. There are n numbers of investment options, but what a normal individual looks is low or no risk and decent returns. This is what Safe Investments are. Safe Investments are those investments which gives us good returns with relatively less or no risk at all. There are vast options for doing such investments, but some current options for better safe investments in India are listed below:
- Yes Bank Savings Account
A saving account in banks is an option for people who have a small amount of money to invest and want to protect their principal money. The current interest rate offered by Yes Bank is 6%. The saving accounts interest is tax free up to the sum of Rs 10,000 and thus is better than fixed deposits. With this interest rate, Yes Bank is currently the most ideal option for long term safe investment.
- Monthly Income Scheme
Guaranteed by the government of India, investing in Post Office Monthly Income Scheme is the current best and safe investment option in India. This scheme offers 7.6% interest rate which is a good bet. Post Office Monthly Income Scheme is for people who hate getting into risk issues and looks for decent returns. This scheme has no benefits and is also taxable though the returns will be low but you can look for Post Office Monthly Income Plan.
Post Office Monthly Income Scheme is for retired personals as well and is considered to be safest for them as backed up the government. Tough these have penalties for withdrawing money before the maturity but if you’re a retired individual, it makes sense to invest in this scheme.
- Public Provident Fund
A tax free saving avenue and being the most tax efficient instrument in India. It is mainly to attract salaried individuals. With its interesting and efficient benefits like long-term investments, retirement planning, Tax-free returns, Low-risk, easily accessible and No attachment it is considered to be the famous option for investment. The current rate of interest is 7.9%.
- Senior Citizen Saving Scheme
Indian government has taken several steps for the benefits of senior citizens in India. The Senior Citizen Saving Scheme is one of it. This scheme is currently offering 8.4% interest rates and can be opened in post office as well as banks like ICICI, SBI etc. This investment is just for the senior citizens of the country and is non taxable but TDS is applicable in such deposits.
- Bank Fixed Deposits
Most of the banks have these days cut off their interest rates that have made FDs not a really good option. But still are a good source of safe and no risk investment plan. Currently banks are providing 6-7% of interest rate depending on each banks regulation. Though these are safe, but are fully taxed and thus offer less returns.
Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits. These are not good for tax purposes but one can invest if looking to save for regular purposes.
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