by BIS Correspondent
MUMBAI, JUNE 22, 2015: Is the Systematic Investment Plan a better option than a Fixed Deposit? Is the Public Provident Fund a safer bet than a National Savings Certificate? Are Tax Savings Mutual Funds better than diversified mutual funds? Finally, is playing the stock market safe?
Scores of people that attended special seminars on June 5 and 18 found the answers to such finance-related questions.
48 people attended the session on 'Savings and Financial Planning' organised by the Don Bosco Development Society (DBDS) in conjunction with an NGO called Association for Christian Thoughtfulness (ACT) at St. John's Church, Kurla on June 18.
This followed, a similar session for the staff of Centre for Social Action (CSA) at Goregaon, East on June 5. Mahesh Kumar, Program Manager for DBDS, conducted the seminars. He divided the workshop into four sessions and touched upon separate financial issues in each session.
In the first, he discussed the thumb rules on saving and investment, the Reserve Bank of India and banking. In the second session, he touched upon issues like Ponzi Schemes, time value of money, interest rates, compounding and discounting.
In the third session he spoke about the importance of investing in small saving schemes to meet financial goals and in the last session he focused on life insurance, risk cover, health insurance and investment in insurance products, like the ones mentioned above.
The session helped inform participants about the array of instruments at their disposal to financially plan for children's education, career, marriage and retirement. They were also advised on the dangers of fraudulent schemes and how to avoid falling prey to them.
The session on small saving schemes gave them the knowledge of the various saving schemes run by post offices and how saving in these schemes helps create wealth for them.
The session on insurance shed light on health insurance schemes and difference between risk coverage and investment in insurance.
The seminars helped equip participants with knowledge to save today, for a brighter tomorrow!