There are some really cool small savings schemes provided by the government of India which are perfect if you want to invest without risking your money. These involve the Public Provident Fund/Pension Fund/NSC, Sukanya Samriddhi account, Senior citizen saving scheme and Kisan Vikas Patra. These schemes even though the interest rates have not been recently altered can be described to offer stellar returns by June 2024.
Public Provident Fund (PPF)
PPF is more like 15 years of piggy saved, which you may extend continuously in blocks of five years. The best part? Whatever you put in, whatever interest you earn, and whatever you get at the end is all tax-free! You can also get tax benefits for deposits up to ₹1. 5 lakh per year.
National Savings Certificate (NSC)
NSC is a super-safe way to save your money with a fixed interest rate of 7.7% per year. It can be as little as ₹1,000, while there is no upper limit on the amount that you can invest. The account has a 5-year maturity, and it can be accessed through any post office. Not only that, one can also gain a tax exemption as covered under Section 80C.
Sukanya Samriddhi Yojana (SSY)
SSY is like having an angel who guards the financial future of your girl child. For a start, it takes as little as ₹250 and you can save up to ₹1. 5 lakh a year. The interest rate is a splendid 8%. It grows at 2% per year, and it takes 21 years to mature an account. That is why it is such a smart method of providing for the future of one’s daughter.
Senior Citizen Savings Scheme (SCSS)
SCSS has the potential to be a gold mine for senior citizens because they get to have a regular income. With an 8.2% interest rate, it is aimed at ensuring that you live a comfortable post-retirement lifestyle. The investment limit is ₹30 lakh and even comes with tax exemption under Section 80C.
Kisan Vikas Patra (KVP)
KVP is a wise investment plan that matures money and doubles the amount after several years. Offering a 7. 5% interest rate, this scheme has a maturity period of approximately 113 months; this ensures that small investors have a safe means of reinvesting their capital.
These small savings schemes are ideal for anyone who is on the lookout for investment plans that are safe and would reap good returns. Whether it’s for our retirement or the protection of our loved ones, these schemes backed by the Government provide both stability and growth.
If you are seeking an opportunity to start investing but are confused which path to follow, here are top small savings schemes you can consider to start saving for you or your loevd ones. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
