Discover the top 10 government savings schemes, interest rates, benefits, and key details for informed decisions.
In India, a range of government-backed savings schemes are available through various financial institutions. Each scheme comes with unique features like duration, eligibility criteria, deposit limits, and interest rates. The government has introduced various schemes to cater to the specific needs of different segments of society.
These schemes are designed to benefit various groups, such as senior citizens, women, farmers, and employed individuals. Here's a list of ten government-backed savings schemes that you can access through banks and post offices across the country:
1. National Savings (Monthly Income Account) Scheme
• Deposit: Rs 1000 (multiples thereof) to Rs 9 lakhs (single account) or Rs 15 lakhs (joint account)
• Maturity: 5 years
• Premature Closure: Possible with deduction
• Interest Rate (July 1 - Sep 30, 2023): 7.4%
2. National Savings Time Deposit Account
• Categories: 1 year, 2 years, 3 years, 5 years
• Minimum Deposit: Rs 1000
• Maximum Deposit: No limit
• Interest Rate (July 1 - Sep 30, 2023): 6.90% (1 year), 7% (2 years), 7% (3 years), 7.5% (5 years)
3. Senior Citizens Savings Scheme
• Deposit: Rs 1000 (multiples thereof) to Rs 30 lakhs
• Eligibility: Age 60 or above (or 55 and retired)
• Maturity: 5 years
• Interest Rate (July 1 - Sep 30, 2023): 8.20%
4. National Saving Certificate (VIII Issue)
• Minimum Deposit: Rs 1000
• Maturity: 5 years
• Joint Accounts: Different types available
• Interest Rate (July 1 - Sep 30, 2023): 7.7%
5. Public Provident Fund Scheme
• Deposit: Rs 500 to Rs 1,50,000 per year
• Maturity: 15 years
• Extension: Blocks of 5 years
• Interest Rate: 7.1%
6. Sukanya Samriddhi Account
• Deposit: Rs 250 to Rs 1.5 lakhs per year
• Account Opening: Girl child under 10 years
• Maturity: 21 years
• Interest Rate: 8%
7. Mahila Samman Saving Certificate
• Deposit: Up to Rs 2 lakhs
• Tenure: 2 years
• Interest Rate: 7.5%
8. Kisan Vikas Patra
• Minimum Deposit: Rs 1000
• Maturity: Money doubles
• Transferable: Between individuals and post offices
• Interest Rate: 7.5% (115 months maturity)
9. Recurring Deposit Account Scheme
• Minimum Deposit: Rs 100 per month
• Maturity: 5 years
• Interest Rate: 6.5% on 5 years RD
10. Post Office Saving Account
• Minimum Deposit: Rs 500
• Maximum Deposit: No limit
• Interest Rate: 4%
These government schemes offer a secure and structured way to save for your future needs. Depending on your financial goals and situation, you can choose the scheme that best suits you. Remember to consider factors like deposit amounts, maturity periods, and interest rates before making your decision.
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