Today everyone needs money and everyone wants to increase their money and for this people invest in many places. Some places give good returns but the risk is very high, so where to invest in such a situation. Today we are going to tell you about 10 such government schemes where you can get good returns by investing and along with this you also get guarantee of security of money i.e. the risk is also less.
Many people want security of their money along with good returns on investment. Government’s savings schemes are suitable for such people. Investing in these schemes in the long term gives good returns. Also there is no fear of investment sinking. Tax benefits are also available in many government savings schemes. Investors can choose from these 10 government savings schemes which suits their needs. Let us know about these schemes.
National Savings (Monthly Income Account) Scheme
A minimum deposit of Rs 1000 can be made in this government scheme. A maximum of Rs 9 lakh is allowed to be deposited in a single account and a maximum of Rs 15 lakh is allowed in a joint account. This scheme matures in 5 years. Money can be withdrawn from this scheme after one year. But, if money is withdrawn three years before the expiry date, a deduction of 2 percent will be applicable. The interest rate of this scheme in the January to March quarter this year is 7.4 percent.
Time deposit categories of 1 year, 2 years, 3 years and 4 years are available in this scheme. The minimum deposit amount in this is Rs 1000. After that, more deposits can be made in multiples of 100. There is no limit on maximum deposit. In this scheme, deposits for 5 years get tax exemption under the Income Tax Act, 1961. In this scheme, for January and March quarter, the interest rate on one year deposit is 6.9 percent, the interest rate on 2 year deposit is 7 percent, the interest rate on 3 year deposit is 7.10 percent and the interest rate on 5 year deposit is 7.5 percent.
Senior Citizens Savings Scheme
The minimum deposit in this scheme is Rs 1000. A maximum of Rs 30 lakh can be deposited. In this scheme, at the time of opening an account, the age of the person should be 60 years or more. A person taking retirement under VRS scheme can also deposit in it. The condition is that at the time of opening the account, the age should be 55 years or more but less than 60 years. In this scheme, deposits are exempted from tax under Section 80C. The interest rate in the January to March quarter this year is 8.20 percent.
National Savings Certificate (VIII Issue)
A minimum investment of Rs 1,000 will have to be made in this scheme. After that, higher investments can be made in multiples of Rs 100. This scheme matures in 5 years. There is no maximum limit for deposits in this. Loan can be taken by pledging the National Savings Certificate with the bank. The interest rate for the January to March quarter this year is 7.7 percent.
Public Provident Fund (PPF)
This is the most popular scheme among government savings schemes. This account can be opened with a minimum deposit of Rs 500. A maximum deposit of Rs 1.5 lakh can be made in this account in a financial year. Investment in this scheme is tax exempt under Section 80C of the Income Tax Act, 1961. This scheme matures in 15 years. Partial withdrawal from this scheme is allowed from the seventh year. Its interest rate is 7.1 percent.
Sukanya Samriddhi Yojana (SSY)
Parents can open this account for one or two of their daughters. In this, a minimum deposit of Rs 250 will have to be made in a financial year. The maximum deposit can be Rs 1.5 lakh in a financial year. Investing in this scheme provides tax exemption under Section 80C. This account can be opened for a daughter up to 10 years of age. This scheme becomes mature when the daughter turns 21 years of age. Its interest rate in the January-March quarter is 8.20 percent.
Mahila Samman Savings Certificate (SSSC)
This scheme is for women. In this, a deposit of up to Rs 2 lakh can be made in the name of a girl or woman. This scheme is for 2 years. The interest rate in this is 7.5 percent. Last year in the budget, Finance Minister Nirmala Sitharaman had announced this special scheme for women.
Kisan Vikas Patra (KVP)
It is necessary to invest a minimum of Rs 1,000 in this scheme. After that, more investment can be made in multiples of Rs 100. There is no limit for maximum deposit. This certificate can be transferred from one post office to another. It can also be transferred from one person to another person’s name. The interest rate in this scheme is 7.5 percent. This scheme matures in 115 months.
Recurring Deposit Account
This scheme allows a minimum deposit of Rs 100. There is no limit on maximum deposit. This scheme matures in 5 years. 50 percent of the balance can be withdrawn after one year of account opening. This scheme can be closed after 3 years of opening. The interest rate on 5 year RD is 6.7 percent per annum.
Post Office Savings Account
The minimum investment in this scheme is Rs 500. There is no fixed limit on maximum deposit. In this, single or joint account can be opened. The interest rate in this scheme is 4 percent. This is much lower than the interest rates of other schemes. The interest rate on savings account is lower than other schemes.
