Public Provident Fund, Senior Citizen Savings Scheme Offering Better Returns Than Bank FDs?

Public Provident Fund, Senior Citizen Savings Scheme Offering Better Returns Than Bank FDs?

Post office savings deposits offer 4 per cent per annum interest; 1-3 year time deposits give 5.5 per cent a year returns

Even as fixed deposits are now giving slightly more returns than earlier since several banks have recently raised their interest rates on them, small savings schemes are still offering more attractive returns. The returns on small savings schemes, such as PPF, senior citizen savings scheme, National Savings Certificate and Sukanya Samriddhi Account Scheme, range between 4 per cent and 8.1 per cent, depending upon the scheme you chose and the duration of investment.

Public Provident Fund, Senior Citizen Savings Scheme

What Are Small Savings Schemes?

Small Savings Schemes are savings instruments managed by the government to encourage citizens to save regularly. The schemes include post office saving deposits, 1-3-year time deposits, and 5-year recurring deposits. These also include saving certificates such as National Saving Certificates and Kisan Vikas Patra.

It also comprises social security schemes Public Provident Fund, Sukanya Samriddhi Account and Senior Citizens Savings Scheme. The Monthly Income Account is also covered under the schemes.

Current Interest Rates On Small Savings Schemes

Recently, the government kept the interest rates on small savings instruments unchanged for the April-June quarter. Interest rates on small saving schemes are reviewed on a quarterly basis. The revision happen in line with the movement in benchmark government bonds of similar maturity. Here’re the current rates on various small savings instruments.

The post office savings deposits offer an interest rate of 4 per cent per annum. Time deposits of the tenure 1-3 years are currently offering 5.5 per cent per annum. Five-year time deposits are giving a return of 6.7 per cent a year. Five-year recurring deposits can earn 5.8 per cent a year interest.

National Saving Certificates and Kisan Vikas Patra are offering annual interest rates of 6.8 per cent and 6.9 per cent, respectively.

Public Provident Fund, Sukanya Samriddhi Account, and Senior Citizens Savings Scheme are earning annual returns of 7.1 per cent, 7.6 per cent and 7.4 per cent, respectively.

The Sukanya Samriddhi Account was launched in 2015 under the Beti Bachao Beti Padhao campaign for a girl child. The account can be opened in the name of a girl child below the age of 10 years. The scheme is eligible for tax benefit under Section 80C of the Income Tax Act. The tenure of the deposit is 21 years from the date of opening of the account and a maximum of Rs 1.5 lakh can be invested in a year.

The Monthly Income Account is offering 6.6 per cent per annum interest.

Interest Rates On Fixed Deposits

HDFC Bank, Axis Bank and Kotak Mahindra Bank recently hiked their interest rates on fixed deposits of various tenures and amount of deposits.

For fixed deposits below Rs 2 crore, HDFC Bank now offers interest rates in the range of 5.1-5.6 per cent, depending upon the tenure and borrowers’ profile. Different interest rates are offered to different profiles like women, senior citizens, etc.

For deposits above Rs 2 crore, Axis Bank now offers interest rates in the range of 4.45-4.65.

Source: https://www.news18.com/news/business/savings-and-investments/ppf-senior-citizen-savings-scheme-offering-better-returns-than-bank-fds-know-in-details-5000251.html

नोट :- हमारे वेबसाइट www.indiangovtscheme.com पर ऐसी जानकारी रोजाना आती रहती है, तो आप ऐसी ही सरकारी योजनाओं की जानकारी पाने के लिए हमारे वेबसाइट www.indiangovtscheme.com से जुड़े रहे।
*****

Comments

This week popular schemes

Apply Online for State Health Card in Uttar Pradesh under UP SECTS Scheme

प्रधानमंत्री ग्रामीण आवास योजना लाभार्थी सूची 2021 Pradhan Mantri Gramin Awas Yojana List 2021

Kranthi Veera Sangolli Rayanna Sainik School at Belgaum district of Karnataka on the erstwhile pattern of Sainik Schools

Uttar Pradesh One District One Product Training and Toolkit Scheme : उत्तर प्रदेश एक जनपद एक उत्पाद प्रशिक्षण एवं टूलकिट योजना

ISRO NAVIC GPS App Download : Indian Regional Navigation Satellite System (IRNSS)

7th Pay Commission increase to 13% DR इन सरकारी कर्मचारियों को मिली बड़ी राहत, 13 फीसद DR में बढ़ोतरी

Post Office National Savings Monthly Income Account

What is Pradhan Mantri Awas Yojana-Urban? Who can avail it?

Objectives, Eligibility, Rules of Sukanya Samriddhi Account (SSA) Scheme

Mineral Production Goes up By 4% in March 2022