Many types of savings schemes have been launched by the central government, banks and many financial institutions, through which you can avail the benefits of savings schemes from small to large amounts on a monthly or yearly basis. But you should also know how much interest you are getting in which savings plan. Go through this article and know about some post office schemes where you can save and earn more interest.
In this article you will know the information about various savings schemes for different people and classes. Small Savings Schemes include Sukanya Samriddhi Yojana for girl children, Mahila Samman Savings scheme for women investors, Senior Citizen Saving Scheme for senior citizens, Public Provident Fund for long term investors, Kisan Vikas Patra Saving Scheme, National Savings Certificate etc.
The Government Reviews the Interest Rates of Small Savings Schemes on a Quarterly Basis
In a press release issued in September this year, the Ministry of Finance said that for the third quarter of the financial year 2024-25, the interest rate in many small savings schemes will be the same from October 1 to December 31, 2024.In the second quarter of the financial year, 2024-25 (between July and September) will be the same as the rate. The government did not change the interest rate of the small savings scheme for the quarter.
Below are the list of Small Savings Schemes that offering interest rates between 7.5 % and 8.2% for October-December 2024:
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is a government savings scheme for parents of girl children. The amount deposited in the scheme is deducted under Section 80C of the Income Tax Act. As per the Income Tax Act, no tax is levied on the interest received, i.e. the interest on it is tax free. Sukanya Samriddhi Account can be managed only by the parent of the child till the age of 18 years. 8.2% interest is paid on Sukanya Samriddhi Yojana0for the October-December quarter.
National Savings Certificates (NSC)
National Savings Certificates is also a government scheme that offers you a fixed return and tax benefits. Under this scheme, deduction is given under Section 80C of Deposit Income Tax Act. Your deposit is withdrawable on maturity i.e. after completion of five years from the date of deposit. NSC gives you 7.7% interest for the October-December quarter.
Senior Citizen Savings Scheme (SCSS)
SCSS is a government scheme that provides money to senior citizens and retired employees. Anyone can open an account with SCSS with Rs.1000. You can maintain multiple accounts with a limit of Rs.1000 up to Rs.30 lakh. SCSS pays 8.2%0interest per annum for the October-December quarter.
5 YearPost Office Time Deposit Scheme
In this 5years Post Office Time Deposit scheme Discount has given under Section 80C of the Investment Act, 1961. The minimum investment for a one time deposit is Rs.10000. For the October-December quarter of 2024, you will get an interest rate of 7.5% on a 5-year deposit.
Kisan Vikas Patra Saving Scheme(KVP)
This plan has low risk. KVP offers a guaranteed return and fixed interest rate. The capital invested in this scheme doubles in 115 months i.e. 9 years and 7 months. KVP pays interest at 7.5% per annum for the current quarter. This also increases the annual interest rate.
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