Everyone wants to save some part of their earnings. Savings are also such that along with tax benefits, strong returns are also available. If you are also planning such an investment, then it will be beneficial for you to take a look at the best schemes run by the government. In these Govt Schemes, you get the benefit of tax exemption along with excellent interest.
These include National Saving Monthly Income Scheme, Senior Citizens Saving Scheme, PPF, Sukanya Samriddhi Yojana and Mahila Samman Bachat Patra. Let us know the process of opening an account and the benefits of investing in it…
A minimum of Rs 500 and a maximum of Rs 1,50,000 can be invested in PPF in this scheme of the Public Provident Fund government. The maturity period of this scheme is 15 years, which can be extended for five additional years. In this scheme, 7.1 percent interest is given annually by the government and the interest received in it is tax free under Section-10 of Income Tax. Tax benefit is also available under 80-C on the investment made in this.
Sukanya Samriddhi Yojana
To secure the future of daughters, this government scheme SSY, launched in 2015, can invest a minimum of Rs 250 and a maximum of Rs 1.5 lakh annually. Under this, the account of a girl child below the age of 10 years can be opened. In this, the government is paying interest at the rate of 8 percent and when it comes to tax benefits, investors get benefits under 80-C. In this scheme also, the amount of interest received on investment is tax-free under Section-10 of Income Tax.
National Saving Monthly Income Scheme
National Saving Monthly Income Scheme is the third government scheme in the list to get the benefit of strong returns and tax benefits. Investors can invest up to Rs 9 lakh in multiples of Rs 1,000 in this scheme run by the post office. In this scheme with a maturity period of five years, interest is given at the rate of 7.4 percent per annum. Along with this, income tax exemption is also available.
Mahila Samman Savings Certificate
Now let’s talk about government saving scheme run especially by women, then Mahila Samman Savings Certificate scheme is very popular in this. This is a one-time small saving scheme of the government. The facility of partial withdrawal option is also available on the investment made in it. Talking about interest, this government is giving a guaranteed interest rate of 7.5 percent on the investment made in this scheme. In this, the investor can invest up to Rs 2 lakh in the name of women or girls for a period of two years.
Senior Citizens Saving Scheme
Talking about the elderly, the best government scheme is the Senior Citizens Saving Scheme. A maximum investment of Rs 30 lakh can be made under this scheme. Individuals of 55 years who have retired or any person of 60 years or above can open an account under this scheme. In this Govt Scheme, the benefit of tax exemption is available under Section 80-C of Income Tax. Along with this, for the period from April 1, 2023 to June 30, 2023, the government has fixed its interest rate at 8.20 percent.
