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Post Office Fixed deposits to National Pension Scheme: 5 investment plans with high returns
Post Office Fixed deposits to National Pension Scheme: 5 government-backed savings schemes with high returns:
Updated : Jul 02, 2023, 12:57 PM IST
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These savings schemes especially government schemes are popular among the salaried class for tax savings, and also for their returns. In comparison to bank fixed deposits, these programmes provide higher interest rates. The Finance Minister recommended increasing the deposit limits for the Senior Citizen Savings Scheme (SCSS) while introducing the Mahila Samman Savings Certificate, a new small savings programme.
These five investing schemes listed below can assist you in building a strong foundation for financial security:
National Pension Scheme: NPS is a government pension investment scheme which offers a structured foundation for long-term savings. The lowest investment amount is Rs 1,000, and there is no maximum investment amount. The current interest rate is 7.1%.
Public Provident Fund: PPF offers a fixed interest rate of 7.1% and a 15-year investment duration. The minimum and maximum investment amounts per fiscal year are respectively Rs 500 and Rs 1.5 lakh.
Mahila Samman Savings Certificate: This scheme is a specifically designed savings scheme for female investors with the goal of enhancing financial independence through competitive savings returns. There is no maximum amount for which certificates can be issued; the minimum amount is Rs 1000. The two-year tenure scheme offers an attractive and fixed interest of 7.5 per cent interest compounded quarterly with flexible investment and partial withdrawal options with a maximum ceiling of Rs 2 lakh.
Post Office Fix Deposits: Similar to banks, post offices also provide FDs. These investment choices, sometimes referred to as National Savings Time Deposits, allow you to deposit your money for short- to medium-term periods. National Savings Time Deposits are superior to banks in that they offer higher yields. The report further highlighted that this was done without any additional risk because the Indian government was funding these activities.
National Savings Certificate (NSC): Small and medium-sized investors can use this programme as a platform to increase their capital while receiving tax breaks under Section 80C of the Income Tax Act. It has a 5.9-year investment commitment period and an interest rate of 6.8%. NSC's base investment cap is set at Rs 100.
