Year: 2025
Type: article
Abstract: Savings schemes play a crucial role in promoting financial stability and improving the socio-economic well-being of individuals and communities. This review examines classical and contemporary perspectives on the importance of savings, highlighting how structured savings contribute to investment, capital formation, and inclusive growth. Government-backed schemes such as Public Provident Fund (PPF), National Savings Certificate (NSC), and Sukanya Samriddhi Yojana have instilled financial discipline and empowered women, while microfinance and self-help group (SHG) savings have enhanced rural credit access and community development. Formal savings accounts and pension-oriented schemes further strengthen resilience, household welfare, and old-age security. Despite their benefits, challenges such as low participation, limited financial literacy, and complex institutional procedures persist. The paper concludes that savings schemes are not only financial tools but also drivers of social transformation, and recommends strengthening financial literacy, simplifying processes, and leveraging digital platforms to maximize their socio-economic impact.
DOI: 10.55041/ijsrem53066
Authors: Nitika Nitika, Dr. Dinesh Kumar
Institution: Baba Mastnath University
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: bronze
OpenAlex ID: W4415236649
FWCI:
Cites:
Cited by:
Related to: