Bank Saving Scheme: These 5 government savings schemes give strong returns on FD, future savings as well as money are safe

Who doesn’t want a good bank balance and future savings? To accumulate a good savings amount, it is also important to choose schemes with good returns. FDs are a good means of safe deposit but the returns on them are no longer very attractive

Bank Saving Scheme: When it comes to saving money for the future, even today many people choose Fixed Deposits (FDs) first. FDs are a good means of safe deposit but the returns on them are no longer very attractive. The returns on FDs in government banks are in the range of 3-7 percent per annum. Like FDs, you can try Small Savings Schemes in other safe investment options. Investing money in these government schemes is not risky and the returns are also good. But remember that the interest rate on Small Savings Scheme is revised by the government every 3 months. Let us know about 5 government savings schemes with higher returns than FD and their interest rates…

PPF

PPF i.e. Public Provident Fund account can be opened in any bank or post office. Any Indian citizen can open it. It can also be opened for a minor child or a mentally ill person. You can start the account with a minimum of Rs 500 and the minimum amount for deposit in a financial year is Rs 500 and the maximum amount is Rs 1.5 lakh. Currently, the interest rate on PPF is 7.1% per annum. The maturity period of PPF is 15 years. After that, if you want, you can also extend it in blocks of 5-5 years.

Post Office Monthly Income Scheme Account (MIS)

An account can be opened in MIS with a minimum of Rs 1000 with a maturity period of 5 years. Both single and joint accounts can be opened. The maximum limit for deposit is Rs 4.5 lakh in case of a single account and Rs 9 lakh in case of a joint account. The interest rate is currently 7.4% per annum. Interest is paid every month and this is the monthly income.

Sukanya Samriddhi Scheme (SSY)

SSY account can be started in a post office or bank with a minimum of Rs 250. But this account is for girls. Parents can open an account in the name of a girl child up to 10 years of age. Only one account will be opened in the name of one girl child. In case of twin girls, it can be opened for up to three girls. The minimum deposit in this account in a financial year is Rs 250 and the maximum is Rs 1.5 lakh. You can invest in Sukanya Samriddhi Scheme for a maximum of 15 years. Currently the interest rate is 8.2% per annum.

Only local residents of India can open a girl child’s account. A person who is a resident of India but lives in another country cannot take advantage of this scheme. The original or legal guardian can open an account on behalf of the girl. This means that if someone has adopted a girl child, he can also open a Sukanya Samriddhi account for her.

The account can be closed only after the girl turns 21 years old. However, normal premature closure is allowed when the girl turns 18 and gets married. After the age of 18, the girl can partially withdraw cash from the SSY account.

Senior Citizen Savings Scheme (SCSS)

Investment can be made only once in this post office scheme and the maturity period is 5 years. Under SCSS, a person of 60 years or more can open an account. If someone is 55 years or more but less than 60 years and has taken VRS, then he can also open an account in SCSS. But the condition for this is that the person has to open an account within one month of getting retirement benefits. Also, the amount to be deposited should not exceed the amount of retirement benefits. The investment limit is from a minimum of Rs 1000 to a maximum of Rs 30 lakh. Currently the interest rate is 8.2% per annum.

NSC

NSC i.e. National Savings Certificate can be taken from the post office. Its maturity period is 5 years. Investment can start from Rs 1000. There is no maximum limit. Currently the interest rate is 7.7% per annum. NSC can be taken singly or jointly. NSC can also be taken for a minor child or a mentally ill person. A child above 10 years of age can take NSC in his name.

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