Light Up Your Investments This Diwali: Know Latest Interest Rates On Top Govt Schemes – News18

Govt Savings Schemes Interest Rates: Investing throughout Diwali, particularly in India, is a convention rooted in cultural and historic significance. Diwali, often known as the Festival of Lights, is taken into account an auspicious time for brand new beginnings and investments. Many individuals consider that beginning one thing new throughout Diwali brings good luck and prosperity.

There are a variety of authorities-supported financial savings schemes, which can be found by way of totally different monetary establishments. Each scheme comes with distinctive options, together with period, eligibility standards, deposit limits, and rates of interest. The authorities has launched a spread of schemes to deal with the precise wants of various societal teams.

Certain financial savings initiatives provide particular advantages for senior residents, whereas others intention to advertise the effectively-being of ladies. Additionally, there are specialised initiatives designed for farmers and employed people.

It’s essential to notice that whereas cultural and nostalgic causes could contribute to the recognition of beginning investments throughout Diwali, the choice to speculate ought to all the time be primarily based on one’s monetary objectives, danger tolerance, and thorough analysis.

Here’s an inventory of ten authorities-backed schemes which will be availed from banks/submit workplaces throughout the nation.

1. National Savings (Monthly Income Account) Scheme

• Minimum Rs 1000 within the multiples thereof. Maximum Rs 9 lakhs in single account and Rs 15 lakhs in joint account.
• Account matures in 5 years.
• A depositor could function a couple of account underneath this scheme topic to the ceiling of most quantity, which can be invested in a single, or joint account.
• Account will be closed prematurely after one 12 months however earlier than the expiry of three years on deduction of two% of the deposit. In case the account is closed after expiry of three years, 1% of the deposit shall be deducted.
• Interest fee: (October 1 to December 31, 2023)- 7.4%

2. National Savings Time Deposit Account

• Four class of Time Deposit Account accessible – 1 12 months, 2 years, 3 years and 5 years
• Minimum deposit Rs 1000 and thereafter within the multiples of Rs 100.
• No most deposit restrict.
• An account will be closed after six months. Where deposits within the account are withdrawn prematurely after six months however earlier than one 12 months, easy curiosity at POSA fee shall be payable.
• Deposits in 5 12 months Time Deposit qualify for deduction u/s 80-C of Income Tax Act.
• Interest: (October 1 to December 31, 2023)- 6.90 (1 12 months) 7 (2 years) 7 (3 years) and seven.5% (5 years).

3. Senior Citizens Savings Scheme

• Minimum deposit Rs 1000 within the multiples thereof with most deposit of Rs 30 lakhs.
• An particular person who has attained the age of 60 years or above on the date of opening of an account or a person who has attained the age of 55 years or extra however lower than 60 years and has retired underneath Superannuation, VRS or Special VRS, can open an account.
• Retired personnel of Defence Services (excluding Civilian Defence staff) could open an account on attaining the age of fifty years topic to the fulfilment of different specified circumstances.
• A depositor could open an account individually or collectively with a partner.
• Interest shall be payable from the date of deposit to thirty first March/ thirtieth June/thirtieth September/thirty first December on 1st working day of April/July/October/January because the case could also be, within the first occasion and thereafter, curiosity shall be payable on 1st working day of April/July/October/January.
• The account will be closed after expiry of 5 years from the date of opening of account.
• The depositor could prolong the account for an additional interval of three years.
• Premature closure is permissible topic to sure circumstances.
• Deposits in SCSS qualify for deduction u/s 80-C of Income Tax Act.
• Interest fee: (October 1 to December 31, 2023)- 8.20%

4. National Saving certificates (VIII situation)

• Minimum deposit Rs 1000/- and thereafter in a number of of Rs 100.
• Account matures in 5 years
• No most deposit restrict.
• A single holder sort account could also be opened by an grownup for himself or on behalf of a minor.
• A single holder sort account might also be opened by a minor on attaining the age of 10 years.
• Joint ‘A’ Type accounts could also be opened by as much as three adults payable to each the holders collectively or to the survivor.
• Joint ‘B’ Type accounts could also be opened by as much as three adults payable to both of the survivors.
• Loan facility accessible by pledging with the banks.
• Interest: (October 1 to December 31, 2023)- 7.7%.

5. Public Provident Fund Scheme

• Minimum deposit Rs 500 and most deposit Rs 1,50,000 in a monetary 12 months.
• Loan facility is on the market from third monetary 12 months upto sixth monetary 12 months.
• Withdrawal is permissible yearly from seventh monetary 12 months.
• Account matures on completion of fifteen full monetary years from the top of the 12 months by which the account was opened.
• After maturity, the account will be prolonged for any quantity for a block of 5 years with additional deposits.
• Account will be retained indefinitely with out additional deposit after maturity with the prevailing fee of curiosity.
• The quantity within the PPF account is just not topic to attachment underneath any order or decree of a court docket of regulation.
• Deposit qualifies for deduction underneath Sec.80-C of I.T.Act.
• Interest earned within the account is free from Income Tax underneath Section -10 of I.T.Act.
• Interest fee: 7.1%

6. Sukanya Samriddhi Account

• Minimum deposit Rs 250 and most deposit Rs 1.5 lakhs in a monetary 12 months.
• Account will be opened within the identify of a woman baby until she attains the age of 10 years.
• Only one account will be opened within the identify of a woman baby.
• Accounts will be opened in submit workplaces and in authorised banks.
• Withdrawal shall be allowed for the aim of upper training of the account holder to satisfy training bills.
• The account will be prematurely closed in case of marriage of a woman baby after her attaining the age of 18 years.
• The account will be transferred wherever in India from one Post workplace/Bank to a different.
• The account shall mature on completion of a interval of 21 years from the date of opening of account.
• Deposit qualifies for deduction underneath Sec.80-C of I.T.Act.
• Interest earned within the account is free from Income Tax underneath Section -10 of I.T.Act.
• Interest fee: 8%

7. Mahila Samman Saving Certificate

Mahila Samman Saving Certificate scheme is a one-time new small financial savings scheme of the federal government of India introduced within the Budget 2023.

This affords deposit facility upto Rs.2 lakh within the identify of ladies or women for a tenure of two years at fastened rate of interest of seven.5 per cent with a partial withdrawal choice.

8. Kisan Vikas Patra

• Minimum Rs 1000 and thereafter in multiples of Rs 100.
• No most deposit restrict.
• A single holder sort account could also be opened by an grownup for himself or on behalf of a minor.
• A single holder sort account might also be opened by a minor on attaining the age of 10 years.
• Joint ‘A’ Type accounts could also be opened by as much as three adults payable to each the holders collectively or to the survivor.
• Joint ‘B’ Type accounts could also be opened by as much as three adults payable to both of the survivor.
• Accounts will be opened in submit workplaces and in authorised banks.
• Kisan Vikas Patra will be transferred from one individual to a different and from one submit workplace to a different.
• Kisan Vikas Patra will be encashed after 2 and half years from the date of funding on the following charges.
• Money doubles on maturity.
• Interest fee: 7.5 % (115 months maturity)

9. Recurring Deposit Account Scheme

• In this scheme, a minimal of Rs 100 per thirty days will be deposited with no most restrict fastened.
• Advance deposits will be made on the choice of the depositor for six months or 12 months and earn rebate.
• The scheme account matures in 5 years. Withdrawal to the extent 50% of the quantity of current steadiness is permissible after one 12 months of the opening of account.
• Account will be closed prematurely after 3 years with easy curiosity on the fee of a Post Office Savings Account (POSA).
• Currently, the speed of curiosity is 6.7% on 5 years RD

10. Post Office Saving Account

• In this scheme, a minimal deposit of Rs 500 is required and there’s no most deposit restrict.
• An individual can open the account in his personal identify individually or collectively with an grownup individual. The account will be opened on behalf of a minor.
• Also, a minor who has attained the age of 10 years could open the account independently.
• Interest within the account as much as Rs 10,000 qualifies for deduction from Income in a monetary 12 months underneath Income Tax Act.
• The scheme is providing an rate of interest of 4 %.