Government Schemes: Due to rising inflation, the Reserve Bank has increased its interest rates several times in the last one year. In such a situation, many banks are offering strong interest rate on FD scheme to the customers. But even after this, there are many such government schemes which are offering higher interest rates than bank FDs. By investing in these post office schemes, you will get the benefit of government security and tax exemption along with higher returns. Today we are giving you information about some such government schemes by investing in which you can take advantage of higher interest rate than the fixed deposit scheme of banks. Let us know about these schemes-
Higher interest rate is available on these government schemes
Sukanya Samriddhi Yojana
The government has started a special scheme to remove the worry of the girl child’s education and marriage. The name of this scheme is Sukanya Samriddhi Yojana. On investing under this scheme, the government gives 8 percent interest rate on the deposited amount on an annual basis. Under this scheme, you can open an account for a girl child up to 10 years of age. In this scheme, on an annual basis, you can deposit from Rs 250 to Rs 1.5 lakh. You will get exemption under Section 80C of Income Tax on the amount deposited under this scheme.
Senior Citizen Savings Scheme
Senior Citizen Savings Scheme is a very popular scheme launched for senior citizens. Under this scheme, any person above 60 years can open an account in the post office. Under this scheme, you are getting a strong interest rate of 8.2 percent on the amount deposited. This is usually much higher than the interest rate of bank FD schemes.
National Savings Scheme
Under the National Savings Scheme, 7.7 percent interest rate is being offered to the investors. Under this scheme, you can invest a minimum of Rs 100 and a maximum of Rs 1.50 lakh. Under section 80C of income tax, a deduction of Rs 1.5 lakh will be available on the amount invested under this scheme.
post office time deposit scheme
Like the bank, the post office also provides the facility of fixed deposit scheme. Under this scheme, you can invest money for 1 year, 2 years, 3 years and 5 years. The post office is offering 7.5 percent interest rate on a period of 5 years.
Interest rate available on FD scheme in these top banks-
- Ordinary citizens are getting interest rates ranging from 3.00 per cent to 7.10 per cent on SBI’s FD scheme.
- ICICI Bank is offering interest rate ranging from 3.00 per cent to 7.1 per cent to general customers on FD scheme.
- Axis Bank is offering interest rates ranging from 3.5 per cent to 7.1 per cent to general customers.
- HDFC Bank is offering interest rates ranging from 3.00 per cent to 7.1 per cent to the customers.
- Punjab National Bank is offering interest rates ranging from 3.5 per cent to 7.25 per cent to its general citizens.
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