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Home Family and Home Science – Need for Saving, Investments & Role of Financial Institutions
Money from the present income that is put aside for emergency or future use in known as savings.
Need for Saving
- For a secure future
- For meeting emergencies
- Fulfilment of family՚s goals
- To raise the family՚s standard of living
- For starting a small business or for self-employment
Investments
- You have learnt that your savings are not for present use. They are collected to be used at a future date. When savings are made to grow, it is called investment.
- If you keep your savings at home
- If does not grow
- There is a chance of it getting stolen
- There is a temptation to use the same to fulfil some present desire.
Role of Financial Institutions
There are a number of benefits of keeping your money in financial institutions:
- They keep your money safe.
- They make your saved money grow by paying interest.
- You can withdraw your savings as and when you need them.
- They give you loans against your investments.
Factors Influencing selection of an investment Scheme
- Your capacity to save
- Safety of the in the investment
- Higher rate of interest
- Easy liquidity
- Other benefits
- The purchasing powers
- Convenient place of investment
Other Facilities offered by Financial Institutions
- Credit card
- Debit card
- ATM card
- Loan
- e-banking