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Fixed deposit accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act.

State Bank of India (SBI), the country's largest lender, offers a host of services to its customers. PPF (Public Provident Fund) account, one such product offered by the lender, is a retirement planning-focused instrument. Public Provident Fund (Amendment) Scheme, 2016 was introduced by the National Savings Organization in 1968 to mobilize small savings. A PPF account provides an investment avenue with decent returns coupled with income tax benefits, according to SBI's corporate website - sbi.co.in. Individuals in their own name as well as on behalf of a minor can open PPF account at any branch.

Interest rates on post office saving schemes move in line with the government's interest rates on small savings schemes, which are revised on a quarterly basis.

State Bank of India (SBI), the largest lender of the country, offers the option of opening a recurring deposit (RD) account that allows customers to save a fixed sum every month and earn an interest income on the same. Interest rates offered on recurring deposits (RDs) are the same as that on fixed deposit (FD) accounts, noted the lender on its corporate website- sbi.co.in. The difference is that in case of FDs, customers have to deposit the amount and keep it blocked until a fixed maturity period. While in case of RDs, customers can deposit the sum every month and thus RDs help them their build their savings through regular deposits.

Fixed deposit accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act.

Under SBI annuity deposit scheme, premature payment is permitted only in case of death of depositor.

Fixed Deposit (FD) interest rate: Fixed deposit accounts with a lock-in period of five or 10 years are eligible for deduction in income tax under Section 80C of the Income Tax Act.

Post office Saving Scheme: Using these saving schemes, an investor can claim a deduction up to Rs 1.5 lakh in a financial year from taxable income under Section 80C of the Income Tax Act

By assessing his or her financial position and requirement closely, one can plan and financially prepare against medical emergencies through a medical insurance plan.

SBI Tax Savings Scheme: Customers need to deposit a minimum of Rs. 1,000 or in multiples after that whereas the maximum deposit should not exceed Rs. 1,50,000 in a year.

The government offers two types of accounts under the National Pension System: Tier 1 and Tier 2. While the Tier I NPS account is a pension account, the Tier II NPS account is a savings account.

SBI Minimum Balance Rules: The monthly average balance, which is the average of end-of-day balances in the savings account in a month, varies depending on the location of the branch.

In NEFT, fund transactions are executed in half-hourly batches. At present, most banks in the country support NEFT payments.

Fixed Deposit (FD) Interest Rates: Most banks offer fixed deposits starting from seven days up to a tenor of 10 years.

National Pension System (NPS) is administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA).