Symbolic picture
Investment in FD is considered safe as compared to the market. But since the Reserve Bank of India has cut the repo rate. Since then, almost all the big banks of the country have announced to cut FD rates. FD has reduced people’s earnings. But, if you want to invest your money in safe place. So some government schemes may be better for you, in which there is zero risk and returns are fixed.
Farmer development letter
The Kisan Vikas Patra is another savings scheme of the Government of India, which gets an interest rate of 7.5%. Its specialty is that the amount invested in it doubles in 115 months (ie 9 years 7 months). This is a safe investment option, in which returns are guaranteed. Investment can be started from a minimum of Rs 1000 in this scheme and there is no limit for maximum investment. In this also, under Section 80C of the Income Tax Act, 1961, there is a tax exemption up to Rs 1.5 lakh. For more information, you can visit the website of an Indian post or a bank.
Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana is a savings scheme of the Government of India, in which interest is available at the rate of 8.2%. The purpose of this scheme is to secure the future of daughters, so that there is no obstruction in their studies or marriage. In this scheme, their parents or legal parents can open an account for daughters under 10 years of age. In this, a minimum of Rs 250 to a maximum of Rs 1.5 lakh can be deposited annually. Account can be opened in bank or post office. The maturity period of the scheme is till the daughter is 21 years old or after the age of 18 years. Tax exemption of up to Rs 1.5 lakh is available under Section 80C of Income Tax Act, 1961.
Post Office Monthly Income Scheme
Investors get returns at an interest rate of 7.4% in the post office monthly income scheme. Its maturity period is 5 years. In this, investment can be started from a minimum of Rs 1000 and can be invested in a multiplier of Rs 1000. The maximum deposit limit for single account is Rs 9 lakh and Rs 15 lakh for joint account.
National saving certificate
The National Savings Certificate (NSC) gets an annual interest rate of 7.7%. Its maturity period is 5 years. Investment can be started from a minimum of Rs 1000 and there is no limit for maximum investment. Income tax has to be paid on interest received in NSC.
Senior Citizen Savings Scheme (SCSS)
The scheme has been designed to provide financial stability to senior citizens after retirement. It gets attractive interest at the rate of 8.2%. People over 60 years of age can invest in this scheme. The minimum deposit is Rs 1000 and a maximum of 30 lakh rupees. In this also, there is a tax exemption of up to Rs 1.5 lakh under Section 80C of the Income Tax Act.