Savings are an integral aspect of our lives and existence. The Indian money market is a market for both short-term as well as long-term funds with maturity that could be merely overnight to even one year; having a number of financial instruments.
This Indian money market consists of the unorganised sector (indigenous bankers, money lenders and chit funds), the organised sector – the Reserve Bank of India, public and private sector banks, development banks as well as other n on-banking financial companies (NBFC’s). This market is part of the financial market where various instruments of high liquidity as well as short-term maturities are traded.
Banks across the country offer a number of savings accounts where people can safely deposit their money without any fear of it being lost. With individuals having different budgets and savings amounts, banks understand the varying requirements and needs of people. When a person deposits money into a savings account it is one of the first steps towards financial empowerment.
Some of the popular savings accounts include basic/regular savings accounts, money market accounts and Certificate of Deposit (CD). These accounts offer different rates of interest as well as have different minimum balances which are required for the accounts.
It is important to remember that the fees as well as the features of the account are an important component of your savings strategy. While choosing a savings plan, regardless of the age group it is very important to keep in mind one’s individual needs and that you are getting the best return for your money.
Individual needs may vary according to the age and thus there are different plans offered by banks to suit these needs and requirements. In today’s times it is very popular for many people to buy savings plans online where there is a plethora of options for a person to choose from. Not only is it a convenient method to buy the policy where a person does not have to visit the bank branch, but it also saves allot of time. With just a few clicks of the mouse customers can apply for this type of account as well as manage their online savings accounts. Bank websites are known to have a user-friendly interface so that users do not face any sort of trouble while applying.
People can compare savings plans from different companies on a single platform, thus helping them gain insight into what’s exactly available in the market.
There are a number of savings plans available in India. Some of them popular savings options for people include direct stocks, mutual funds, life insurance coverage plans and fixed deposits.