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Finance Minister K N Balagopal announced a financial package of Rs 5,650 crore in the state Assembly, to assist small-scale traders and farmers of the state.
With the reduction, term deposits of 1-3 years will now earn an interest rate of 5.5 per cent as against 6.9 per cent, down 1.4 percentage points
If you go for a conventional insurance policy or NPS, you have to save up to Rs 7.25 crore in 30 years to get anywhere near your requirement.
The amount you save every month can be deposited in a bank account specifically opened for the purpose of travel.
There is nothing like an SIP to overcome market volatility.
Interest rates for small savings schemes are notified on a quarterly basis.