Top 5 Govt Savings Schemes: If you are planning to invest in any scheme of the Government of India then you should take information about schemes like the National Savings Scheme, Sukanya Samriddhi Account, Kisan Vikas Patra, Post Office Savings Account, Provident Fund Scheme. Investments in these government savings schemes offer good returns on maturity. The minimum investment amount is also not high.
National Savings Scheme
Interest Rate: 1 July to 30 September 2023 – 7.4%
One can invest in multiples of 1000 in this scheme. A maximum of Rs 9 lakh can be invested in a single account and Rs 15 lakh in a joint account.
The account matures in 5 years.
An account holder can open more than one account.
Account can be closed after one year.
Sukanya Samriddhi Account
Interest Rate : 8%
Under Sukanya Samriddhi Yojana, the minimum deposit in a financial year is Rs 250 and the maximum deposit is Rs 1.5 lakh.
An account can be opened in the name of a girl child up to 10 years.
Only one account can be opened in the name of the account holder.
The account matures in 21 years.
Account can be closed prematurely after a marriage of the daughter after 18 years of age.
Kisan Vikas Patra
Interest Rate: 7.5%
In Kisan Vikas Patra Yojana at least Rs. 1000 and thereafter can be invested in multiples of Rs.100.
There is no maximum deposit limit in the scheme.
A single account can be opened after the age of 10 years.
In this scheme the money doubles on maturity.
The account matures in 115 months.
Post Office Saving Account
Interest Rate: 4%
You can deposit a minimum of Rs 500 in this scheme, there is no limit on the maximum deposit amount.
Single and joint accounts can be opened under the scheme.
An account can be opened under this scheme after the age of 10 years.
Public Provident Fund Scheme
Interest Rate: 7.1%
The minimum deposit amount under this scheme is Rs 500 and the maximum deposit amount in a financial year is Rs 1,50,000.
After investing once in the scheme you can withdraw money every year from the 7th financial year.
The account matures on completion of 15 financial years from the end of the year in which the account is opened.
The deposit amount comes under deduction under Section 80-C of the IT Act.