If If you do not want to risk investing in stock market or mutual funds and want to get more returns than FD, then you can put money in small savings schemes. Indian post offers many post office schemes. You will also find some of these schemes in banks. Small saving schemes are supported by the government. The government fixes the interest rate of these schemes every three months. Let’s know about some popular small savings schemes.
PPF
PPF i.e. Public Provident Fund is a government investment scheme. This scheme is currently getting 7.1 percent interest. PPF can be deposited minimum Rs 500 and maximum Rs 1,50,000 in a financial year. This scheme is matured in 15 years, but it can be increased by 5-5 years to maximum 50 years.
Post Office TD
The post office comes under the central government. Like the bank FD in the post office, the TD (Time Deposit) scheme is run. There is an option to get TD from 1 year to 5 years in the post office. TD is getting interest ranging from 6.9 percent to 7.5 percent.
Sukanya Samriddhi Yojana
This account, opened for daughters below 10 years of age, is currently getting 8.2 percent interest. In this scheme, minimum of Rs 250 and maximum Rs 1,50,000 can be deposited in this scheme. This scheme is matured in 21 years. If the daughter is 18 years old and you want to marry her, then in such a situation the account can be closed.
Farmer development letter
The Kisan Vikas Patra (KVP) scheme is currently getting 7.5 percent interest. Accounts can be opened in this scheme with at least Rs 1000. There is no maximum investment limit. Under KVP, the money you invested doubles directly in 115 months (9 years and 7 months).
(Disclaimer: This article is written only for the purpose of information. Please consult your financial advisor before any type of investment or before taking financial risks. India TV will not be responsible for any kind of risk.)
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