The Easiest way to save money is to invest in the government Scheme
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Investing in PPF is considered the safest. Under Section 80C of the Income Tax Act, investment in PPF and interest thereon is exempt from tax. The duration of the scheme is 15 years which can be extended every five years. PPF used to earn 7.9 per cent, which has now come down to 7.1 per cent. The government took this decision in view of the slowdown in the economy caused by the Corona virus. You can deposit a minimum of Rs 500 to a maximum of Rs 1.5 lakh in this scheme.
The National Pension Scheme was launched by the Central Government. The main reason behind starting this scheme was preparation for retirement. If you want to prepare for retirement from now on, the pension plan will be beneficial. The NPS scheme was introduced to maintain the monthly income of a person even after retirement. The benefit of this scheme can be availed with an investment of Rs.500. Under the plan, the employee will get a lump sum at the time of retirement, so that retirement does not burden you.
The Sukanya Samrudhi Yojana was launched by Prime Minister Narendra Modi to secure the future of the girl child. Earlier, the scheme offered an annual interest of 8.4 per cent, which has now come down to 7.6 per cent, but it is also a safe investment scheme. You can invest in this plan for your daughter in your bank or post office. There is a provision to deposit a minimum of one thousand and a maximum of one and a half lakh. The plan requires a minimum investment of 14 years and a maturity period of 21 years.
Anyone can invest in this scheme through the country's post office. Kisan Vikas Patra used to earn 7.6 per cent per annum, which is now 6.9 per cent. With this, the first 113 months used to mature, which has now been changed to 124 months. One can invest a minimum of one thousand in the scheme and there is no limit to the maximum amount. The amount deposited can be withdrawn 30 months after the issuance of Kisan Vikas Patra. These letters can be transferred from one post office to another.
The scheme was started to benefit people aged 60 and above. The Senior Citizen Savings Scheme used to earn 8.6% per annum, which has now been reduced to 7.4%. Investments are made for five years under this scheme. A minimum of one thousand rupees and a maximum of 15 lakh rupees can be deposited in the scheme. Investment is tax deductible under the Senior Citizen Savings Scheme.
This plan is most popular among small savings plans. The National Savings Certificate offers guaranteed returns and is also exempt from taxes. The investment period in the scheme is five years. Earlier, the scheme was earning 7.9 per cent per annum, which has been reduced to 6.8 per cent. Anyone can invest in a National Savings Certificate with a minimum amount of Rs.1000. Under Section 80C of the Income Tax Act, investments made under the scheme are tax deductible. The National Savings Certificate can be transferred like other savings schemes but it can only be done once.