In a world where financial independence is increasingly important, housewives often find themselves in a unique position when it comes to managing their finances.
While traditional roles may have relegated them to the domestic sphere, the modern housewife is empowered to take control of her financial future through various saving schemes tailored to her needs.
In India, where cultural norms often prioritize household responsibilities over earning income, housewives must explore saving schemes that offer both security and growth potential.
1. Gold
For generations, gold has remained a favoured investment choice among Indians, offering a secure and reliable avenue with consistent returns.
Housewives have diverse options to invest in gold, including gold coins, gold Exchange Traded Funds (ETFs), or participating in gold savings schemes provided by jewelers.
Serving as an effective hedge against inflation, gold stands as a readily liquid asset during times of urgent need.
2. Real Estate
Real estate presents an excellent opportunity for housewives to cultivate passive income and foster long-term wealth accumulation.
Options for investment include acquiring properties directly or investing in real estate mutual funds or REITs (Real Estate Investment Trusts).
Engaging in real estate ventures demands meticulous planning and thorough research, given the tangible nature of these assets and their potential for appreciation over time.
3. Savings Account
Savings accounts serve as a secure and readily accessible investment avenue tailored to housewives.
With a fixed interest rate, these accounts can be established at any bank, offering stability and ease of access.
Although savings accounts yield modest returns, they instill a feeling of assurance and provide liquidity.
Furthermore, housewives can leverage savings accounts for effective budgeting and financial management purposes.
4. Recurring Deposit (RD)
RDs are an accessible saving option for housewives who prefer a systematic approach to saving.
By depositing a fixed amount at regular intervals, housewives can cultivate a habit of saving while earning modest returns on their investments.
RDs offer flexibility in terms of deposit frequency and duration, making them suitable for those with varying financial capabilities and goals.
The RD interest rate varies between 2.5 per cent to 8.5 per cent, with a tenure of six to 10 months.
5. Atal Pension Yojana (APY)
The APY is an initiative offering benefits to housewives and individuals in the unorganized sector.
Through affordable contributions, starting as low as Rs 42 per month, APY ensures financial security in retirement, providing a guaranteed pension amount ranging from Rs 1,000 to Rs 5,000 per month.
With government co-contributions for eligible subscribers, the scheme encourages savings and enhances the retirement corpus.
APY also offers a nomination facility, allowing subscribers to designate their spouse or nominee to receive the pension in case of their demise, providing reassurance about the financial well-being of their loved ones.
The portability feature enables seamless continuation of contributions even upon relocation, ensuring consistent savings discipline.
6. Sukanya Samriddhi Yojana (SSY)
SSY is a government-backed saving scheme specifically designed to cater to the financial needs of the girl child.
However, housewives can also benefit from opening an SSY account for their daughters.
This scheme offers attractive interest rates and tax benefits, making it an ideal option for long-term savings.
By investing in SSY, housewives can secure their daughters' future while simultaneously building a financial cushion for themselves.
In SSY, the minimum deposit amount is Rs 250 (which was Rs 1000 before 5 July 2018), and the maximum deposit is Rs 1.5 Lakh in a financial year.
The current interest rate for the first quarter of FY 2023-2024 (1 April 2023 to 31 June 2023) is 8.2 per cent per annum.
7. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
PMVVY is a pension scheme targeted towards senior citizens, offering guaranteed returns and regular income post-retirement.
While it may seem unrelated to housewives at first glance, PMVVY can be a valuable saving scheme for those looking to secure their financial future during retirement.
By investing in PMVVY, housewives can ensure a steady stream of income during their golden years, thereby reducing dependency on others. The combined sum of all policies held within the PMVVY scheme by a senior citizen must not surpass Rs 15 lakh.
Along with the guaranteed monthly pension payout of 7.4 per cent, the policy offers a death benefit wherein the beneficiary receives a refund of the purchase price if the pensioner passes away during the policy term.
8. Public Provident Fund (PPF)
PPF remains one of the most popular saving schemes in India due to its tax benefits and stable returns.
Housewives can open a PPF account in their name or jointly with their spouse to accumulate wealth over the long term.
With its flexibility in terms of contribution amounts and tenure, PPF offers housewives a reliable avenue for saving towards their financial goals, whether it's purchasing a house or funding their children's education.
Hence, saving schemes tailored to the needs of housewives can play a crucial role in ensuring their financial security and independence.
Whether it's securing their children's future, planning for retirement, or achieving personal financial goals, there are various options available for housewives to choose from.
By exploring and investing in these saving schemes wisely, housewives can take proactive steps toward building a stable financial future for themselves and their familie
