In India, small saving schemes are an integral part of the financial planning of a vast number of people. These schemes are designed to help individuals, especially those belonging to the lower and middle-income groups, to save money regularly and earn interest on their savings. These schemes are backed by the government and offer a safe and reliable investment option for individuals who are looking for a low-risk investment opportunity.
There are several types of small saving schemes available in India, each with its unique features and benefits. Here are some of the most popular small saving schemes in India:
- Public Provident Fund (PPF): The PPF scheme offers a tax-free return of 7.1% per annum. The scheme has a maturity period of 15 years and can be extended in blocks of 5 years.
- Monthly Income scheme: Tension Free Income@ 7.4% Per Annum, Earn 22200 in a month,
- National Savings Certificate (NSC): The Tax Rebate NSC scheme is a fixed-income investment option that offers a return of 7.7% per annum.
- Kisan Vikas Patra (KVP): The KVP scheme is a fixed-income investment option that offers a return of 6.5% per annum. Double your Any Amount in 115 months.(9 year 7 month)
- Mahila Samman Scheme: New Small Saving Scheme For Women Launch in April 2023, Earn a Interest@7.5% Per Annum, You can Invest upto 2 lakh in this scheme
- Sukanya Samriddhi Yojana (SSY): The SSY scheme is a savings scheme for the girl child that offers a return of 8.0% per annum. make Corpus of 75 Lakh,
- Senior Citizen Savings Scheme (SCSS): scheme for senior citizens that offers a return of 8.2% per annum. can be availed by individuals who are 60 years or older. Earn 61499 Per Quarter.
These small saving schemes offer several benefits to individuals, including guaranteed returns, low risk, and tax benefits. Individuals can choose the scheme that best suits their financial goals and invest regularly to build a corpus over time. Moreover, these schemes also promote the culture of saving among individuals, which is essential for building a financially secure future.