Savings schemes are financial plans that help individuals save money over time. They often offer interest on the deposited amount, allowing savings to grow. Common types of savings schemes include bank savings accounts, fixed deposits, and government-backed plans. These schemes encourage disciplined saving and can be used for various goals, such as emergencies, education, or retirement. Many savings schemes are designed to be accessible and low-risk, making them suitable for people of all ages. Some may have specific terms, such as minimum deposit amounts or withdrawal restrictions. Overall, they provide a structured way to build financial security and achieve personal financial goals.