Shielding the Future with the Best Savings Schemes Available & Understanding Savings Calculator

If one is going to achieve the long-term financial goals of this era of speed, considerable caution and care will have to be given to where one is, after all, putting his money. Now, while the arrays of options available would be many times higher in number, each one at the same time comes with arguments quite convincing at its back. The top three savings plans offered in India will be discussed in this article: Post Office Time Deposit, National Savings Certificate, and Sukanya Samriddhi Yojana. We will now discuss how to use a saving calculator appropriately to assist you in all of your financial decisions in the material that follows. 

Different Savings Schemes Explained

There are a few best savings schemes that espouse the regular habit of saving among people by offering them attractive returns that come with low-risk factors, thus permissible means of wealth accumulation over time to ensure financial stability and growth. We will now examine the unique characteristics and advantages of the Post Office Time Deposit, National Savings Certificate, and Sukanya Samriddhi Yojana in depth.

Sukanya Samriddhi Yojana (SSY)

A government-backed savings programme called Sukanya Samriddhi Yojana aims to thoroughly secure a girl child’s future financially. In terms of investments, it would provide clients with tax advantages and a competitive interest rate.


  1.     Minimum Age for Investment: Until the girl child reaches the age of ten, her parents or legal guardians may open an account under SSY in her name.
  1.     Deposit Amount: The annual maximum deposit amount should not surpass ₹1.5 lakh, while the bare minimum deposit required will be ₹250.
  2. Rate of Interest: The interest earned on this investment is much higher than most of the other saving schemes and would keep on changing every quarter.
  3. Lock-in period: The account shall mature on completion of 21 years from the date of opening or upon marriage of the girl after she attains the age of 18 years.


  1.     High Returns: Assuring high returns on invested amounts, SSY offers one of the highest interest rates as compared to other small saving schemes.
  2.     Tax Benefits: Deposits made in the SSY account are deductible at the time of return filing under section 80C of the income tax. Interest earned and maturity amount are tax-free.
  3. Financial Protection: It gives the girl child long-term financial stability, enabling her to pay for her wedding and educational costs.

National Savings Certificate (NSC)

In India, a National Savings Certificate can be opened at any post office. It is a government-supported scheme; hence, quite secure.


  1.     Tenure: 5 years and cannot be varied.
  2.     Rate of Interest: Fixed and compounded annually but payable only at maturity.
  3.     Maximum and minimum investment: There is no upper limit and a ₹1,000 minimum investment.


  1.     Tax Benefits: Under Section 80C of the Income Tax Act, the investment is deductible.
  2.     Guaranteed Returns: NSC is one of the safest investing options because it is a government-backed programme with guaranteed returns.
  3. Tax Savings: Investments up to ₹1.5 lakh per annum get a tax deduction under Section 80C.
  4. Loan Collateral: NSCs can be used as security for loans from banks, thus giving liquidity.

Post Office Time Deposit (POTD)

POTD will majorly function like a fixed deposit that one would have with banks. This, again, is a safe and trustworthy way to save from the Indian Postal Service.


  1.     Tenure Options: This scheme has permitted very flexible tenure options. One year, two years, three years, and five years are the available tenure possibilities.
  2. Interest Rate: There is a fixed interest rate that is related to tenure.
  3.     Minimum Investment: Rs. 200 and there is no upper limit.
  4.     Interest Payment: Interest is paid annually, but calculated quarterly.


  1.     Flexible Tenure: Various tenures provide flexibility that can fulfil financial goals.
  2.     Stable Returns: It is stable, and guaranteed returns on the investment in the scheme.
  3. Tax Advantages: Section 80C allows for a tax deduction on 5-year fixed deposits.

Why to Use a Savings Calculator?

For this very reason, an investment calculator becomes quite stringent for any form of planning and optimization of the same. It would give you a rough idea of what might happen with your savings over some time, considering some very prominent variables such as the initial investment, month-to-month contributions, interest rate, and period for investing.

How a Savings Calculator Works?

These will require you to put the first amount of your investment, the regular contribution, the interest rate, and the duration of the investment.

  1.     Estimation: You will then enter all this data into the calculator so that from the compound interest formula, it will give you an estimated amount due for an investment you made at the future-active date.
  2.     Scenario Planning: You can play around with different variables that will help explain your decisions after getting an overview of how changes shall impact your future savings.
  3.     Comparability: You would also now be comparing the various schemes of savings and opting for the one that will serve even your long-term financial goals much better.


Everyone needs savings for their future, as it is uncertain and inflation also degrades the value of cash, so investment in savings schemes works as a shield for the money. The best schemes are that safeguard the investment with the growth in the principal and bring prosperity to one’s financial life. Hence, good schemes like Sukanya Samriddhi Yojana, National Savings Certificates, and Post Office Time Deposits offer returns with tax benefits, protecting the individual from financial insecurity. Now that you are well aware and well informed, you may add a savings calculator to your investment plan and, in turn, help yourself attain your goal more efficiently. If any one person can grasp it and base their working on the right financial tools, there is nothing that can stop onlookers from making a wonderful and secure future for themselves on a solo account or with significant others. 

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