highlights
There are many state savings plans available for safe investments.
With some of these savings plans, the state also grants you tax benefits.
Your money is safe in these government systems and you get good returns too.
New Delhi. There are currently many such government savings schemes that offer safe and guaranteed returns to investors. If you are looking for a better system to invest money, then these news may be useful for you. Here we tell you about some government savings plans that offer you more benefits. Investment opportunities are available for all sections of the programs we are talking about. This can go a long way towards saving money for your future needs.
The state grants you a tax exemption for some of these savings plans. This makes it an attractive investment for people looking to save on taxes. Aside from that, these austerity plans also help the government to raise funds for various development projects.
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National Savings Certificate (NSC)
National Savings Certificate is a tax saving investment scheme supported by the Government of India. You can buy it at any post office. Because of the government support, you get guaranteed returns and the risk is also lower. That is why people who take no risk in investing like it very much. The interest rate on the National Savings Certificate is set quarterly by the Treasury Department. The interest rate is currently 7.7 percent. Under this system, interest is paid annually.
Post office monthly income system
This is a small form of savings through investment, where you can earn a fixed monthly income. The minimum investment limit is Rs 1000. A maximum of Rs 9 lakh can be deposited into an individual account and up to Rs 15 lakh into a joint account. The term of this arrangement is 5 years. This account can be closed prematurely after one year of investment. But if you do this before 3 years, 2 percent of the deposit amount will be deducted and after that 1 percent when the account is closed. Below that, interest of 7.4 percent is currently granted.
Savings program for seniors
This government-sponsored program is designed for people over the age of 60. The deposit amount is due after 5 years from the opening of the account, but this period can be extended once by 3 years. The aim of this system is to provide seniors with a regular income after retirement. Under it you can open an account in public or private banks and post offices. Interest is currently granted at a rate of 8.2 percent.
Mahila Samman Savings Certificate
This is a one-off savings plan, like the small savings plans run by the central government. This system grants interest at a fixed rate of 7.5 percent on the amount deposited for 2 years. Under the Mahila Samman Saving Certificate Scheme, women applying for this scheme will receive interest at 7.5 per cent on savings of Rs 2 lakh. This will help women become self-sufficient in the future by using their savings save.
public provident fund
Public Provident Fund i.e. PPF is one of the most popular savings schemes in India. Thanks to the support of the central government, the money invested in this system is safe and the return is guaranteed. The purpose of the PPF program is to help retail investors. Investing in these can be started with a minimum of 500 rupees. In addition, people who invest in it also get tax benefits. The interest rate for PPF is set quarterly by the government. The PPF interest rate for the first quarter of 2023-24 is 7.1%.
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Tags: business news, Business news in hindi, EPFO, Government., investment tips, Money making tips, savings accounts, retirement savings plan, Small savings plans
FIRST RELEASED : April 10, 2023 8:29 p.m. IST
