RESEARCH REPORT

ON

“Innovative way to encourage personal saving ”

SUBMITTED IN PARTIAL FULLFILLMENT

TOWARDS THE AWARD OF

MASTER OF BUSINESS ADMINISTRATION

(2019-2021)

SUBMITTED BY:

PIYUSH SHARMA NIKITA ARORA MANSI AGRAWAL

(198410203) (198410190) (198410161)

RPR ID-2021-050

MBA II YEAR (VI TRIMESTER)

Under the Supervision of

RAM KUMAR DIWEDI

INSTITUTE OF BUSINESS MANAGEMENT

ACKNOWLEDGEMENT
 
To list who all have helped me is difficult because they are so numerous and the
depth is so enormous. 
I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project. 
I take this opportunity to thank the for giving me chance to do this project.
I would like to thank my providing the necessary facilities required for
completion of this project.
I would also like to express my sincere gratitude towards whose guidance and
care made the project successful.
I would like to thank my College Library, for having provided various
reference books and magazines related to my project.
Lastly, I would like to thank each and every person who directly or indirectly
helped me in the completion of the project especially MyParents and Peers
who supported me throughout my project.
Index
Sr. No. Topic Page No.
 Abstract 06

1. Introduction 08
2. Hypothesis 10
3. Objective 12
4. Review Of Literature 14
5. Discussion 30
7. Conclusion 32
8. Bibliography 34

Abstract
Saving of capital is always essential for each and every individual. Because
these saving helps us at any time whenever any individual meets any kind of
financial crisis. So, the saving of capital must be part of every individual as a
compulsory habit. At the time of retirement period these saving become the
main source of income for an individual. These saving not only help in the
development of an individual this also helps in the development of country
development and its wealth. There are many ways to save the capital by an
individual by creating or setting saving goals these goals eventually helps one to
save more capital and by also having less spending on unwanted things and also
saving in physical assets and other household savings. There are many ways and
methods that influence an individual to save more and also to promote saving.
The savings are mainly based on the economic and financial status of an
individual. The other best way to save one's income is to have a personal
account in any private or government bank as nowadays there are many
beneficiary schemes and simple techniques are present in order to save your
capital at the banks. Especially the low cost savings account and there are many
useful schemes provided by the banks which benefit the public people. In spite
of all the benefits provided by the banks and a good amount income many
people fail to save their capital and people face many financial crisis and issues
with their saving patterns. Though the ultimate benefit gainers are the people.
This study has stated that it is essential for every individual to save their capital.
This study concludes that the every individual must save some amount of
capital at their respective personal account in order to use them in the future at
any kind financial crisis and necessity.

Key Words: Banks, capital, development, financial crisis, personal savings.

INTRODUCTION
Saving capital is a very essential and important for every individual. As these
savings help an individual at anytime whenever there is need for finance. The
savings in the household sector and the savings in physical assets are also very
beneficiary. The wise savings in currency, deposits, and investments in the
financial assets also develops an individual’s saving. (Uma Datta Roy
Choudhary, 1997). These savings mainly depends on various aspects in relation
with an individual such as an individual’s income and his status and position in
the societal level. And it also depends on the ratio of the current income to peak
level income reached previously which helps an individual to prepare a budget
plan to set his/her financial saving goals. (Duesenberry, 1949). There are many
correlative relationships between the savings and the factors that affect an
individual from saving. The savings not only develops an individual it also
helps major growth at the income sector overall the country also. This also
proves the functional distribution if the income. (Pandit .B.L, 1991) There are
different trends in saving pattern for every individual and there are different
behavioural approaches for every individual.There is many effective benefits
obtained from savings. The average percentage of saving people is nearly about
60 %.( PulapreBalakrishnan, 1996).The bulk of National savings is obtained
from the household sector saving. And there are enormous ways that promote
the household sector saving and their favourable growth. (Aidus Salam and
UmmalKusun, 2002). There are many awareness programmes are held on the
benefits of saving and investments. And these provide and influence the saving
nature for an individual. Many views and opinions are prevailed among the
customers regarding the saving and benefits etc. (S.Kalavathy, 2009). The
propensity to save income rises eventually at times. Due to the various factors
that drive them to save. The saving ideas provided by the banks also attract
many people to start saving. (HarunaIssahaku, 2011). Many people feel secure
and satisfied when they save on physical immovable assets. The savings also
help in the increase of the National income. There are many schemes and ways
introduce by the banks to increase the personal saving rate. (Paula Samuelson
and William Nordhaus, 2009).

The saving of capital can be easily achieved by an individual when an

individual start setting saving goals and also pay the excess money
regularly.And the saving can be effective when an individual has a high yield
accounts. (Miranda Marquit, 2007). The saving is very important for every
individual as to have and lead a good retired life and at times it is also beneficial
for the future generations.There also many essential schemes provided by the
banks regarding the best investment plans for an individual saving. (Maya
Rai,2008).These savings can also be achieved by also having profitable
investment and less consumption of money on unwanted stuffs.There also
certain disadvantages where due to the increasing interest rates might lose
certain customers.This can be avoided by having low cost saving accounts.
(Susan Greenberg,2014).

There also many measures taken by the banks where the banks conduct
various campaigns and meetings on the features of saving and the
usefulness.And the public are also fed with the knowledge of the technological
innovations where there is the potential technique to access the savings account.
(Jessica Goldberg,2014).Certain issues with the bank which discourage the
below average people are the expensive debt this could be removed by the
reduction of the high interest rates is a possible way to encourage all class
people have saving accounts. These innovative ways by the banks in-order
people and boost to encourage more savings of the capital (DeepthiK.C ,
2012).The effective way to increase the saving must be focused on the
individuals household savings which must be increased. And by also the less
spending of capital and start saving more capital. The higher the personal saving
the increase of the economic growth (Karen Dinan,2010).

The low personal savings rates are increasing and the cyclical time
periods must be followed to increase the savings. The optimism in society
increases due to the personal savings (Leonatam and Utpal
Dholakia,2014).There are two main phenomenon regarding the savings and
investments. The competitive increase in non-functional consumption on
ceremonies. The savings mainly decrease due to rise in the use of prestige
articles. Ruddar Dutt,1972).The savings rate decrease due to the lack if
knowledge regarding the savings and their benefits and these occur on small
factors and certain bad influences and pessimistic views on the bank culture.
(Pandey and Viswanath Singh,1972).

The determinants of savings depend on the Government savings schemes

and the private advertisements. There is more of physical assets savings
prevailing in the society and there is also equal support and increment in the
household sector. These also help in the development of the country.
(Jayaraman, 1979).
HYPOTHESIS

A hypothesis is an approximate explanation that relates to the set of facts that

can be tested by certain further investigations. There are basically two types,
namely, null hypothesis and alternative hypothesis. A research generally starts
with a problem. Next, these hypotheses provide the researcher with some
specific restatements and clarifications of the research problem.

The criteria of the research problem in the form of null hypothesis and
alternative hypothesis should be expressed as a relationship between two or
more variables. The criteria is that the statements should be the one that
expresses the relationship between the two or more measurable variables. The
null hypothesis and alternative hypothesis should carry clear implications for
testing and stating relations.
The null hypothesis and alternative hypothesis are required to be
fragmented properly before the data collection and interpretation phase in the
research. Well fragmented hypotheses indicate that the researcher has adequate
knowledge in that particular area and is thus able to take the investigation
further because they can use a much more systematic system. It gives direction
to the researcher on his/her collection and interpretation of data.
The null hypothesis and alternative hypothesis are useful only if they
state the expected relationship between the variables or if they are consistent
with the existing body of knowledge. They should be expressed as simply and
concisely as possible. They are useful if they have explanatory power.
The null hypothesis is generally denoted as H0. It states the exact opposite
of what an investigator or an experimenter predicts or expects. It basically
defines the statement which states that there is no exact or actual relationship
between the variables.The alternative hypothesis is generally denoted as H1. It
makes a statement that suggests or advises a potential result or an outcome that
an investigator or the researcher may expect. The hypothesis stated here is as
follows:

Null Hypothesis (H0):

There is no significant association between personal savings and deposits.

Alternate Hypothesis (H1):

There is significant association between personal savings and deposits.

Objectives

 To know the problems faced by the customers in saving despite the clear
benefits and to analyse the innovative thoughts by banks to encourage
personal savings.
 To set achievable savings Goals
One of the biggest issues is that you may not have a goal. You just
have an idea that you need to save money, but there is no true purpose for
your money. It’s hard to stay motivated when you have no clear idea of
what the money is for. So it is much easier just to spend it.
 Reward Yourself for Reaching Small Milestones
You can reward yourself at certain milestones depending on the
length of your goal. This helps you track your progress, and also helps
keep you motivated to continue saving. These rewards should be fun
things you might not normally do, but that are still small and within
reason. It might be a day off (if you can take a personal day at work), a
picnic in the park, dinner at a nicer restaurant than usual, or some other
enjoyable activity. Just don’t blow all your savings while enjoying your
small reward.
 Automate Your Savings
One of the easiest ways to get into the habit of saving is to set up
some automatic method of moving your money around. Whether you
have money from your paycheck automatically deposited into a savings
account (including a retirement account), or whether you do an automatic
transfer each month, automatically having your savings moved around
can help you adjust your lifestyle to what you end up as “take home” pay.
Soon you won’t miss the money, but it will still grow and work for you.
 Look for High Yield Accounts
 One of the most depressing things about savings is how slowly the
money grows. You can increase your satisfaction with savings by looking
for high yield accounts. While yields are still generally low, you can still
do better than the less than 1% offered by a traditional savings account.
You can also look for alternative products like money market accounts
and funds, high-yield CDs and bonds. However, be aware that some of
these options may not be FDIC-insured, and come with greater risk.
Review of Literature

Indian middle-class families steadily moving towards investing in financial

assets:

The slow and steady change in the savings profile of the country could in the
next decade ensure a steady flow of funds to other asset classes.

Suchitra Kamath, a 54-year-old conservative college professor in

Mumbai, till recently knew and trusted only one way to secure her financial
future — bank fixed deposits. Three decades of satisfactory returns with
guaranteed return on capital is giving way to worries about whether she is on
the right path to secure her future given that monthly bill payments are on the
rise.
The rapid fall in deposit rates in the last one year has shaken her belief in
her favourite instrument for investments. Although she has been contemplating
a shift to alternative ways of parking her surplus, the process quickened after
demonetisation as banks sharply reduced deposit rates.What has been a no no in
her family is now becoming a reality.

"You won't progress in life with only bank fixed deposits," says Kamath,
who has scaled her bank fixed deposits to just about 10% of her total savings
from 90% about 8 years ago. "Fixed deposits will not help if you put bulk of
your investments in those over a long period. Mutual fund investments yield
much better if you hold patience. Kamath is a classic example of a quiet
revolution taking place in India's retail savings space.

The change is already visible. Household financial savings in shares and

debentures increased to 0.7% of GDP in fiscal year ended 2016, from 0.4% in
fiscal 2014 and fiscal 2015. The proportion of fixed deposits dropped to 4.7% of
GDP in fiscal 2016, from 4.9% in fiscal 2015 and 5.8% in fiscal 2014, central
bank data shows. Even physical assets like land and gold, which used to be
dominant assets in an Indian family's portfolio, are losing their weightage.
These are down at 10.8% of gross financial savings in 2014-15 from 15.5% in
2011-12.

Other data also points to a preference for financial assets though it may
be a bit skewed because of the bullish sentiment. Net inflows into domestic
mutual funds and the equity market are on the rise. In the three calendar years
ending 2016, a whopping Rs 1.43 lakh crore has come into the local market
through mutual funds compared to a net outflow of Rs 27,070 crore in 13 years
starting 2001.Data from the insurance industry also shows a similar trend.
Assets of the insurance industry are up 75% at Rs 28 lakh crore in the past five
years.

DilipNachane, a professor at the Mumbai-based Indira Gandhi Institute of

Development Research (IGIDR), says a favourable tax policy, urbanisation and
a new breed of young investors are driving this push towards high yielding
investments.To a large extent what is driving this change is an uneven tax
policy because of the double taxation of bank FDs, which effectively depresses
the returns compared to a marginal tax or almost an exemption on dividend
income," says Nachane. "More and more investors are seeking higher post-tax
returns. Younger investors, in particular, are more entrepreneurial and risk-
taking. They prefer stocks and equity instead of FDs because interest rates do
not match their expectations of real returns."

Nikhil Naik, a Mumbai-based financial distributor, says the sharp drop in

bank deposit rates in the last one year along with demonetisation has forced
small investors to think about alternative investments to park their savings.It is
not as if all small investors are moving towards equities en masse. Some
investors, particularly senior citizens, who have seen many such interest rate
cycles are staying put because they prefer safety of investments to sky-high
returns, and rightly so.
 India has seen wider movements in interest rate cycles," says Manoj
Nagpal, CEO of Outlook Asia Capital, a Mumbai-based wealth manager. "The
6 to 7% one-year fixed deposit rate of SBI is not an alltime low because we
have seen a 5% FD rate as well. Senior citizens who have been investing in FDs
have also seen this cycle, so they are not shifting."

Saving Schemes In India Which you Should Invest:

The pressures to grow your wealth is prevalent across the world, as you
may want to set aside funds for emergencies, secure finances for retirement, and
manage your daily expenses.Investments are a smarter way to grow your
money, so you can cater to your everyday needs and secure your future easily.
There are several savings schemes offered by the government, banks and
financial companies, to encourage investors to invest and earn more
returns.However, before you start investing, make sure you delve deep into the
pros and cons of your investment options and ace your financial planning
endeavours.If you’re planning to invest your money, here are the best
investment schemes to help you save for your future financial needs.

Mutual funds: You can invest in mutual funds if you want to explore and
benefit from equities and debts, which gives you an option to balance risk and
returns based on your preference. Investing in the share market through mutual
funds is a safer option than making a direct investment in the stock market.You
can consider starting a systematic investment plan (SIP), which is one of the
best ways to invest in mutual funds by making small regular investments.This
helps you earning better returns in comparison to other investment options.

Fixed deposits (FD): FDs are the safest and most hassle-free investment option
wherein you deposit a fixed sum of money for a specified period and earn
interest at fixed rate of return. If you’re looking for higher interest rates, choose
to invest in FDs that offer high interest rates and greater flexibility in terms of
tenor, and frequency of periodic interest payouts.

In case of emergencies, you can also consider breaking your FDs

prematurely, or taking a Loan against Fixed Deposit. You can also consider re-
investing the interest, to receive a lump sum amount after your FD matures.
Investing in FDs can enable senior citizens to gain higher interest rates, so they
can plan their retirement better.

Consider investing in Bajaj Finance Fixed Deposit, which offer one of the
highest interest rates, along with the option to choose cumulative or non-
cumulative fixed deposits. You can also choose the frequency of your interest
payouts, which can be monthly, quarterly, half-yearly or yearly.

Personal Provident Fund (PPF): As the safest and most popular investment
option in India, PPF is a government-backed long-term saving scheme that is
tax-free. The amount of money deposited in PPF is available as deduction under
section 80C of Income Tax Act; and the interest earned on PPF is also not
taxable.PPF may be opened in a bank or post office, where your money gets
invested for 15 years, and can be extended by another 5 years. There is a lock-in
period of 5 years and presently, the PPF investments earn a compound interest
at 7.90% p.a. You need to make a minimum annual investment of Rs.500 and
can make a maximum investment of about Rs. 1,50,000.

National Saving Certificate (NSC): NSC is popular government-backed

saving option that provides guaranteed returns with tax savings. A safe
investment, you can invest in NSC at any post office for a period of five years.
The interest rates on NSC is decided by the government and is reviewed every
quarter.The interest rate however, does not change during the tenor of NSC
once your investment has been made. Presently, your investment in NSC yields
returns of 7.90%, which is compounded half yearly. A minimum investment of
Rs.500 can be made in NSC, without any maximum limit. The best thing is that
you can claim tax deductions, but to the maximum amount of Rs.1,50,000 under
section 80C. Keep in mind that the interest earned on NSC is taxable, so when
filing your tax returns, you must add the interest accrued on NSC to your total
income.

Equity Linked Savings Scheme (ELSS): As the name suggests, this mutual
fund scheme helps in parking your investment in equity. ELSS are tax-saving
mutual funds that allow a deduction up to Rs. 1,50,000 under section 80C. It
comes with a lock-in period of 3 years.
You can earn higher returns by investing in ELSS since all the investments are
made in the equity market that can help you beat inflation, but there is always a
risk attached to investing in equity. An investment in ELSS can be made from
as low as Rs. 500 and there is no maximum limit on investment in these funds.
It is wise to choose a combination from these investment options and
schemes, and spread your risk by investing in safe options like FDs and
diversifying with options like mutual funds. You can also calculate your returns
by using a  fixed deposit calculator. Being prepared for your financial
wellbeing and planning in advance is the right way to ensure that you and your
family are prepared to deal with all kinds of financial contingencies.

Findings
The present study recorded 100 respondents out of which a majority of
44% of the respondents were belonging to the age group of 26 years to 36 years.
And 41% of the respondents belonged to the age group of 37 years to 49 years.
And the 10% of the respondents were below 25 years and the remaining 5% of
the respondents were above 50 years.
 The study revealed that majority of 53% of the respondents were
recorded as male and 37% of the respondents were female and the remaining
10% of the respondents preferred not to reveal their gender.

The respondents monthly income was recorded were there was equal
majority of each 33% and 33% of the respondents income was 10000 to 30000
rupees and 40000 to 50000 rupees. And 26%of the respondent’s income was
above 50000 rupees. And the remaining 8% of the respondent’s monthly
income were below 10000 rupees.
 The number of earning members in the family was recorded as the
majority of 31% of the respondents family had 2 earning members and 29% of
the respondents family have 3 earning members and 15% of the respondents had
1 and 4 earning members in their family and the remaining 10% of the
respondents had 10 earning members in their family.

The respondent’s preference among savings and investing recorded that

the majority of 63% of the respondents preferred savings over investment and
the remaining 37% of the respondents preferred investments over savings.
 The respondent’s participation involvement in encouraging savings as an
individual was also recorded where the majority of 69% of the respondents
encouraged savings as an individual and the remaining 31% of the respondents
did not encourage savings as an individual.

The respondent’s opinion in the nature of complication of the savings was

recorded where the majority of 55% of the respondents believed that the savings
were complicated in nature and the remaining 45% of the respondents believed
that the savings were not complicated in nature.
 The respondents were also asked whether they had savings account in
which the majority of 75% of the respondents had personal savings account and
the remaining 25% of the respondents did not have personal savings account.

The respondents were also asked whether they preferred savings in

physical assets which recorded a majority of 69% of the respondents preferred
saving in physical assets and the remaining 31% of the respondents did not
prefer saving in physical assets.
 The respondents were also enquired for a month how much was their
average saving deposit which recorded that the majority of 60% of the
respondents average saving deposit was about 1000 to 5000 rupees and 21% of
the respondents average saving deposit was nearly above 5000 rupees and the
remaining 19% of the respondents average saving deposit was below 1000
rupees.

The respondents preference in choosing the bank among the private and
Government banks were also asked where the majority of 54% of the
respondents preferred Government banks and the remaining 46% of the
respondents preferred private banks.
 The respondents were also asked about how secured they felt saving cash
at banks which recorded that the majority of 62% of the respondents felt
secured saving cash at banks and the remaining 38% of the respondents felt in
secured saving cash at banks.

The respondents opinion among the Government and private bank

regarding the beneficiaries provided were also recorded where the majority of
66% of the respondents thought that the private banks provide more benefits
than the Government banks and the remaining 34% of the respondents thought
that the Government banks provide more benefits than the private banks.
 The respondents were also enquired regarding the barriers that prevail
which stop an individual from saving which recorded that the majority of 49%
of the respondents thought that the saving reduces due to the upgrading of the
lifestyle and 38% of the respondents thought that saving is very lame and the
remaining 13% of the respondents have stated that the saving is impossible
when there is no financial goals for an individual.

The respondents were also asked regarding the best way to save money
which recorded majority of 46% of the respondents thought there must be
savings goals set and 31% of the respondents thought that the best way to save
money is to create interest bearing account and 17% of the respondents have
stated that eliminating debts is also best way to save money and the remaining
6% of the respondents thought that annualising the spending is also best way to
save money.

FINANCIAL LITERACY AND ALTERNATIVE SAVINGS TOOLS

A study in Dharavi, a slum in Mumbai, found that despite having a savings

account, women were using different mechanisms to hide money in places such
as food jars, inside a pile of clothes, a talcum powder box, rather than
depositing savings in banks. Many women were not aware of banking products
and alternatives available to them, and many did not see value in frequently
going to banks to deposit money. We found a similar trend in our study site too.
These findings motivated us to design context-specific financial education
modules for women that addressed the knowledge gap about financial products
and services; as well as the underlying behavioural biases impacting the
financial decisions of women.
A WOMAN SHOWING WHERE SHE HIDES HER MONEY IN THE
KITCHEN

We developed modules using a story telling approach through a series of

comic books, † which raise points on the (i) financial indiscipline, temptation
spending, and the financial risks of keeping cash on hand and other informal
savings mechanisms; (ii) lack of financial awareness faced by relatable
characters; and (iii) approachable solutions that reduce savings inertia in the
long-term. One aspect of the story focused on the individual’s potential to cut
down on their temptation goods, or “non-essential items.” In a study that
examined the common habit of excessive expenditure on temptation goods
researchers found that most individuals were aware of the expenditures they
needed to reduce. For example, a study revealed that of the 28 per cent of
respondents who were able to name an expenditure they wanted to eliminate, 44
per cent marked that as alcohol and tobacco. Keeping this in mind, in our
financial education training, we encouraged respondents to cut down on such
expenditures to increase savings.
 AN IMAGE FROM THE COMIC BOOK DESCRIBING HOW TO
CUT DOWN ON EXCESS EXPENDITURES

Stories were developed keeping the local context in mind, by including

familiar physical locations and using local language to communicate
information. The real life incidences described in the comic book highlight the
importance of behavioural concepts such as financial discipline through
prioritization and self-awareness; and loss due to delayed savings and
temptation spending when attempting to save money over a long-term.

A FEMALE RESPONDENT AND HER FAMILY AND

NEIGHBORS LISTEN TO THE STORY BOOK ON SAVINGS
 Stories highlighted the risks of using informal institutions and the
benefits of using banking services or other formal channels such as government
or local NGO promoted SHGs. By providing an example of a female vegetable
vendor and how she was able to manage her finances for an emergency expense,
the comic book story provided a point of reference that our women respondents
could use as a comparison to analyse their own financial situation.
In a separate study, we tested financial literacy tools with migrant
labourers in New Delhi and we found that the targeted and context driven
financial training was effective in increasing savings; however, lack of access to
savings devices (or banking services) hindered the respondents’ ability to save
as much as they wanted to. Hence, for this experiment, we hypothesized that if a
woman is informed about the process of savings, she will also need a savings
device. Given the smallscale of this study, providing access to banks was not
within our control; hence, we provided a low-cost savings device: a lock box
(with a key which women kept) to understand whether an alternative savings
method could increase savings (though we encouraged women to save with
formal institutions). We asked women not to open the lockbox (soft
commitment) till they visit banks or SHG meetings where they can deposit their
savings.
AN INSTRUCTOR GIVING THE LOCKBOX TO A FEMALE
RESPONDENT

A WOMAN TRYING USING HER KEY FOR THE LOCKBOX A

WOMAN RECEIVING THE LOCK BOX AND KEY

FINANCIAL EDUCATION IMPROVED THE SAVINGS AND

PERCEPTION ABOUT BANKING SERVICES
Eighty-five women were provided with financial literacy training. After the
training, we tested these women’s (treatment group) level of understanding of
various financial concepts such as a budget, compound interest, a No-Frills
Account, the importance of saving, disadvantages of informal saving channels,
as well as the advantages of formal savings institutions, and assigned a financial
literacy score to each participant.
Research indicates that the poor are reluctant to use the formal
institutions because they find the banking system unfamiliar, threatening, or
stigmatizing, creating the perception that he or she is not a valued customer.
Clearly data indicates that while financial literacy is important, however,
without a saving device, financial education alone has no significant effect.
While financial literacy alone increased the savings by 8%, it was the provision
of a lock box that significantly increased the savings capability of people.
Providing financial literacy training and a saving tool was not the only
reason to enhance the savings behaviour of individual. Study indicated the
presence of other factors, mainly women’s literacy, which influenced women’s
motivation to save more.
 Discussions

The present study has stated that the saving of an individual’s capital is very
important and very essential and this study shows the preferences of the
individual among the saving and investing their capital and average saving
amount per month and the kind of bank they would prefer and believe which
has more beneficiaries and safety measures and the barriers which prevail while
saving one's income and the best essential way to save more capital.
There are various parameters discussed in this study regarding the
respondents view on savings their capital according to their wish and choice of
preferences among the different banks were they the respondents feel the
sacredness. Hence these are the aspects which are discussed in the above study
on the innovative ways to encourage personal savings.
Conclusion

This study concludes that the respondents in general prefer to save their capital
rather than investing and the essential benefits provided by saving capital and
the necessity for an individual to save capital which provides more support
during the retirement period in an individual’s life. The study also revealed
various opinions of the respondents regarding the personal saving in regard with
their family background and the socio economic status of every individual.
Hence the study concluded that the savings is very essential for every
individual and each and every individual must have the habit of saving which
benefits the individuals in many factors in the near future.
These not only develops an individual wealth these also develops the
country’s wealth which give a great progress in the development of the
economic status of our country.
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Websites:

 https://www.statisticssolutions.com/null-hypothesis-and-alternative-
hypothesis/
 https://moneyning.com/motivation/5-ways-to-encourage-your-savings-
habit/
 https://economictimes.indiatimes.com/wealth/save/indian-middle-class-
families-steadily-moving-towards-investing-in-financial-
assets/articleshow/58136476.cms?
utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
 https://www.bajajfinserv.in/insights/best-saving-schemes-in-india