Saving schemes helps in tax saving and also fir their returns. Such schemes provide higher interest rates as compared to bank fixed deposits. Finance Minister introduced many small savings schemes in Union Budget 2023.
The maximum deposit has been increased to Rs 9 lakh from Rs 4.5 lakh for single account, Rs 15 lakh for joint account. Effective from 1 April 2023, the government is offering the following interest on the popular small savings scheme.
5 saving schemes are:
Sukanya Samriddhi Yojana - 7.6%
It is a government backed small savings scheme initiated to promote savings for financial well-being of a girl child.
Public Provident Fund (PPF) - 7.1%
PPF is a very known investment scheme on account of its various attractive features and benefits.
Kisan Vikas Patra (KVP) - 7.2%
Kisan Vikas Patra is a risk-free investment option which is offered by the Indian post office. It's a wise option for people who are looking for long-term investment.
National Saving Certificate (NSC) - 7%
NSC is a fixed type of income that can be opened at a post office. It's a low-risk product and secure as compared to others.