Small savings schemes are popular among the salaried class for tax savings and returns. In these schemes, you will get more interest than the fixed deposits of banks.
Small savings schemes are popular among the salaried class for tax savings and returns. In these schemes, you will get more interest than the fixed deposits of banks. Presenting the Union Budget 2023, Finance Minister Nirmala Sitharaman proposed to double the deposit limit for the Senior Citizen Savings Scheme (SCSS). Apart from this, the Finance Minister had also introduced the new Small Savings Scheme Mahila Samman Savings Certificate.
The maximum deposit limit for Monthly Income Scheme has been increased from Rs 4.5 lakh to Rs 9 lakh for single account and from Rs 9 lakh to Rs 15 lakh for joint account. For the quarter ending March 31, the government is offering these interest rates on popular savings schemes.
Senior Citizen Saving Scheme (SCSS)
At present, 8 percent interest rate is available in this scheme. This is a savings scheme supported by the government, in which people above 60 years of age can invest. The maturity period in this scheme is five years. However, even after the expiry of the term, it can be extended for a further period of three years.
Sukanya Samriddhi Yojana
In this government scheme, people will get interest at the rate of 7.6 percent. This is also a government savings scheme, which has been started to improve the financial condition of the girl child.
Kisan Vikas Patra
The scheme currently has an interest rate of 7.2 per cent. Kisan Vikas Patra is a risk-free investment option, which has been introduced by the post office. This is a good option for people looking for long term investment.
Public Provident Fund (PPF)
At present, interest will be available at the rate of 7.1 percent in PPF. This is a popular investment scheme, in which many attractive benefits and features will be available.
National Savings Certificate (NSC)
National Savings Certificate is a fixed income scheme, which can be opened in the post office. This scheme is a low risk product and is safe.
