From PPF to SCSS: 5 Government Savings Schemes That Secure Your Future
With rising inflation and uncertain markets, individuals are advised to turn to low-risk, government-supported savings plans for financial stability.
As more Indians seek low-risk ways to grow their savings, government-backed schemes have become a cornerstone of sound financial planning. Backed by the Government of India, these schemes offer assured returns, tax benefits and much-needed peace of mind, making them ideal for conservative investors, senior citizens and first-time savers.
In today's unpredictable market, government-backed instruments are valuable for long-term goals like retirement planning, child education and wealth preservation.
Popular schemes like the Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizens Savings Scheme (SCSS) and the Sukanya Samriddhi Yojana not only offer attractive interest rates but also come with tax-saving benefits under Section 80C of the Income Tax Act.
If you are also planning or looking for government-backed savings schemes, here are five reliable options worth considering:
Public Provident Fund (PPF)
Ideal for long-term wealth creation, this government-backed savings scheme offers a current interest rate of 7.1 percent per annum, with a 15-year lock-in period. Contributions up to Rs 1.5 lakh per year qualify for tax deductions under Section 80C, and the interest earned is completely tax-free. Amazing, isn't it? If interested, you can start a PPF with a minimum annual investment of Rs 500 to Rs 1.5 lakh.
With a 5-year tenure and an interest rate of 7.7 percent, the NSC is suitable for risk-averse investors. It also offers tax benefits under Section 80C on investments of up to Rs 1.5 lakh, making it a popular choice for small savers. To start this scheme, a minimum deposit of Rs 1000 is required and thereafter in multiples of Rs 100.
Senior Citizens Savings Scheme (SCSS)
Tailored for individuals aged 60 and above, SCSS offers one of the highest interest rates among government schemes at 8.2 percent per annum, payable quarterly. It has a five-year tenure (extendable by three years) and is ideal for retirees seeking regular income. The Senior Citizens Savings Scheme allows only one deposit. The minimum investment is Rs 1,000, and the maximum is up to Rs 30 lakh.
Sukanya Samriddhi Yojana (SSY)
Another government-backed saving scheme you can consider is Sukanya Samriddhi Yojana. Designed to secure the future of the girl child, Prime Minister Narendra Modi launched the scheme that offers an attractive 8.2 percent interest rate and tax-free returns. Parents can open the account any time before the girl turns 10, with partial withdrawals allowed for education and full maturity benefits after 21 years.
Atal Pension Yojana (APY)
Aimed at providing a fixed monthly pension to workers in the unorganised sector, the APY scheme offers a monthly pension from Rs 1,000 to Rs 5,000 upon attaining the age of 60. The scheme, named after the former Prime Minister of India, Atal Bihari Vajpayee, encourages individuals to save for their retirement systematically. Those individuals who are within the age group of 18-40 years are eligible to apply for the scheme.
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