It is very important to invest in the right scheme for a secure future. Although there are many savings and investment schemes available, but from the point of view of security, most of the people want to invest in government schemes. Some of the popular government savings schemes for such people include schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), Post Office Savings Account, Post Office Time Deposit, Post Office Recurring Deposit, Post Office Monthly Income Scheme (POMIS), Kisan Vikas Patra can be proved.
People can make good savings by investing in these schemes. These savings schemes facilitate a wide range of individuals such as children’s education, marriage and retirement etc.
So which scheme is more beneficial, know the details.
Public Provident Fund (PPF)
One can invest a minimum of Rs 500 per year and a maximum of Rs 1.5 lakh per year in this scheme. In this scheme, interest is being given at the rate of 7.1 percent per annum. Investors also get tax exemption up to Rs 1.5 lakh.
National Savings Certificate (NSC)
In this, any person can invest a minimum of 1000 rupees, while there is no maximum limit. In this, the investor will get interest at the rate of 6.8 percent per annum. Tax exemption can be claimed on deposits up to Rs 1.5 lakh.
Post office savings account
Those who want to invest in post office savings scheme can start investing with a minimum of Rs 500. There is no upper limit for investment in this. In this you will get interest at the rate of 4 percent per annum. Interest earned from post office savings account is tax free.
Post office fixed deposit
In this a person can invest a minimum of 1000 rupees, while there is no limit on the maximum investment. The interest rate in this scheme is 5.5 percent for the first 3 years and 6.7 percent for the deposit tenure of 5 years. Under the Income Tax Act 80C, tax deduction has been offered on deposits of 6 years.
Post Office Monthly Income Scheme (POMIS)
This is a popular scheme of post office. In this, you can deposit a minimum of Rs 1000 and a maximum of Rs 4.5 lakh in an account. Whereas Rs 1 lakh can be invested in a joint account. The interest rate offered in this is 6.6 percent.
Kisan Vikas Patra (KVP)
A person can invest a minimum of Rs 1000 in this scheme, while there is no upper limit. In this, interest is being given at the rate of 6.9 percent per annum. In KVP, you can take advantage of tax exemption on interest and maturity amount. The amount invested in this scheme doubles in 10 years and 4 months (124 months).