These 5 government schemes can be rewarded, the opportunity to earn double profits with small savings
new Delhi. Saving is extremely important to meet future needs. Because the small Savings Schemes added today can turn into large sums tomorrow. Therefore, one should invest in right place. Although different schemes are run by all financial companies and banks, government schemes are considered more reliable for safe investment. In such a situation, we will tell you about 5 such effective schemes, which are beneficial for making big profits from small savings.
Public Provident Fund Account (PPF) is a good scheme for raising large funds from small savings. It gets interest of up to 7.1 percent. Its maturity period is 15 years. However it can be carried forward for 5–5 years. For this extension, Form-H has to be submitted. Investments up to one and a half lakh rupees are not taxed. A person starts investing in PPF from the age of 25 to 30 years and if he deposits Rs 1.5 lakhs every year, then after completing 15 years, he can extend it further. If he does it for 25 years, then he accumulated a total of 55.68 lakh rupees. If an interest of 7.1% is added on this, the person will get Rs 1,02,40,260 on maturity.
The best scheme is also being run by the Post Office for senior citizens. One of these is the Senior Citizen Savings Scheme-SCSS. It is very similar to FD, though it will fetch more interest than fixed deposit. This scheme is for 5 years. The scheme offers interest up to 7.4% per annum. You can invest up to 15 lakh rupees in it.
NPS means National Pension System can be a good option. The most special thing about this scheme is that with the monthly income, at the age of 60 you also get a lump sum. To invest in this scheme operated by PFRDA, the person should be between 18 to 65 years of age. According to recent records, customers have received up to 12 percent return in this, which is more than any scheme.
Another scheme of the post office is quite popular in which the investment can benefit millions. Its name is National Savings Certificate (NSC). In this, you can open an account with 100 rupees. In the National Savings Certificate, you will get 6.8% annual return. Its maturity period is 5 years, but you can extend it 5 times for five years. By investing this for a long time, your small deposit can be converted into millions. Under this scheme you can invest from 100, 500, 1000, 5000 and 10 thousand rupees. There is no maximum limit.
The Sukanya Samriddhi Yojana (SSY) of the post office is quite popular. For the bright future of girls, most people like to invest in it. This scheme helps in education from daughter to marriage. It is currently getting 7.6 percent interest. The specialty of the scheme is that its maturity is 21 years. While the investment has to be made for only 14 years, you can deposit a maximum of Rs 1.50 lakh annually under the Sukanya Samriddhi Yojana. If you make a monthly deposit then you will have to pay 12500 rupees every month. For applying under the scheme, the daughter’s age should be less than 10 years. In Sukanya Samriddhi Yojana, you can deposit a minimum of 250 rupees per year. When the daughter is 18 years of age, 50 percent of the amount deposited for her education or marriage can be withdrawn.