From Kids to Seniors, These 5 Government Schemes Are the Best! In which you will get the benefit of tax exemption with excellent returns
Everyone wants to save some portion of their earnings. Savings are also such that strong returns are available along with tax benefits. If you are also planning such an investment, it will be beneficial for you to have a look at the best schemes run by the government. In these government schemes, you get the benefit of tax exemption along with excellent interest. These include National Savings Monthly Income Yojana, Senior Citizen Savings Yojana, PPF, Sukanya Samriddhi Yojana and Mahila Samman Bachat Patra. Let’s know the process of opening an account and the benefits of investing in it…
Public Provident Fund
A minimum of Rs 500 and a maximum of Rs 1,50,000 can be invested in this government scheme PPF in a financial year. The maturity of the scheme is 15 years, which can be extended for an additional five years. In this scheme 7.1 percent interest is paid by the government per annum and the interest earned in it is tax free under Section-10 of Income Tax. Investments made in this also get tax benefit under 80-C.
Sukanya Samriddhi Yojana
To secure the future of daughters, the government scheme SSY, launched in 2015, provides an annual minimum of Rs. 250 and a maximum of Rs. 1.5 lakh can be invested. Under this, an account can be opened for a girl child under 10 years of age. In this, the government pays 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 Savings Monthly Income Scheme
The National Savings Monthly Income Scheme is the third government scheme in the list that benefits from robust returns and tax benefits. In this scheme run by the post office, investors can invest Rs. 1,000 in multiples of Rs. Can invest up to 9 lakhs. The scheme has a maturity of five years and pays interest at the rate of 7.4 per cent per annum. Along with this, income tax exemption is also available.
Women’s Honor Savings Certificate
Now talking about the government savings scheme especially run by women, Mahila Samman Saving Certificate Scheme is very popular among them. This is a one-time small savings scheme of the government. A partial withdrawal option is also available on the investment made in it. As for the interest, this government is guaranteeing an interest rate of 7.5 percent on the investment made in this scheme. In this, an investor can invest up to Rs 2 lakh for a period of two years in the name of women or girls.
Senior Citizen Savings Scheme
Talking about the elders, the best scheme of the government is the Senior Citizen Savings Scheme. A maximum of 30 lakh rupees can be invested under this scheme. Persons aged 55 years who have retired or any person aged 60 years or above can open an account under this scheme. In this government scheme, the benefit of tax exemption under Section 80-C of Income Tax is available. Also, for the period from April 1, 2023 to June 30, 2023, the government has fixed its interest rate at 8.20 percent.